Norges Bank Investment Management (NBIM) is buying a portfolio of eight shopping centres in Spain for about €1.4bn in a new partnership with Lisbon-headquartered real estate firm Sonae Sierra which will manage the properties.
The manager of the NOK22trn (€2trn) Government Pension Fund Global (GPFG) announced late last Friday that t had signed an agreement to buy a 92% interest in the portfolio, with Sonae Sierra taking the other 8%, in a deal which it said valued the portfolio at around €1.5bn gross.
Jayesh Patel, co-head of European real estate at NBIM, said: “This transaction grows our retail real estate exposure in Europe and aligns with our strategy of investing alongside specialist operators.”
The portfolio, which has been up for sale at least since the beginning of this year and reportedly had four parties bidding for it, is being sold by LSGIE (La Sociedad General Inmobiliaria de España), NBIM said, referring to one of the Balkany family’s companies.
“We are pleased to partner with Sonae Sierra, who bring a strong platform and a long track record in Iberia, and we look forward to working with their team,” Patel said.
NBIM said Sonae Sierra would perform the asset management on behalf of the joint venture for the portfolio, which comprised about 258,000sqm of retail space.
Sonae Sierra listed the assets in the portfolio as Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vaguada, Plaza Moraleja 2 and Plaza Loranca 2 in the Madrid region; Gran Vía 2 in Barcelona, and Plaza Mar 2 in Alicante.
“The joint venture will also selectively consider further shopping centre opportunities in Iberia that fit its strategic and return profile,” the property firm said.
The property deal, which NBIM said is expected to complete in the fourth quarter, significantly increases the Norwegian SWF’s real estate investments in Spain, which were worth €390m at the end of 2025 and contained no retail sector assets, according to data on NBIM’s website.
An NBIM spokeswoman confirmed this was the first time the Oslo-based organisation had partnered with Sonae Sierra.
The Iberian company said that, separately, it was also acquiring 100% of SCCE, which currently managed the eight shopping centres along with a further ten owned by third parties.
Luis Mota Duarte, deputy chief executive officer and executive director, investment management at Sonae Sierra, said: “Long-term partnerships with like-minded leading institutional investors, built on a full alignment of interests, trust and transparency, have been central to Sierra’s growth.”
He said Sonae Sierra looked forward to welcoming the SCCE team, who would further strengthen the firm’s operating platform in Spain.
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