Two clients of Aberdeen Property Investors have invested in an additional closing of the Sierra Portugal Fund (SPF). Portuguese shopping centre group Sonae Sierra said that following the two investments with a combined gross commitment of more than EUR 55mln correspond to an 18% interest in SPF and bring the total raised from third-party investors to EUR 175mln. Sonae Sierra now holds a 42% stake in the fund.
Two clients of Aberdeen Property Investors have invested in an additional closing of the Sierra Portugal Fund (SPF). Portuguese shopping centre group Sonae Sierra said that following the two investments with a combined gross commitment of more than EUR 55mln correspond to an 18% interest in SPF and bring the total raised from third-party investors to EUR 175mln. Sonae Sierra now holds a 42% stake in the fund.
The SPF was launched in March 2008 with a total equity of EUR 300mln. Sonae Sierra seeded the fund with eight Portuguese shopping centres and three development projects in Portugal. The fund's objective is to provide investors with capital growth and income return.
Three reference investors joined Sonae Sierra in the initial closing of the SPF: Finnish local government pension fund LGPI; Finnish pensions group Ilmarinen and Continental European Fund I and Continental European Fund II managed by Schroder's. Further closing of SPF are planned for after the summer.
