#Mapic2014 Sonae Sierra, CBRE GI sell Barcelona mall

Sonae Sierra and CBRE Global Investors have sold La Farga Shopping Centre near Barcelona to private equity group Temprano Capital Partners for an undisclosed sum.

The 17,520 m2 mall was jointly held by Sierra Fund, a pan-European retail fund in which Sonae Sierra has a 50.1% stake, and the Retail Property Fund Iberica (RPFI), which is managed by CBRE GI.

The partners acquired La Farga in 2002. The mall is located in Hospitalet de Llobregat, a city to the southwest of Barcelona in the province of Catalonia with over 250,000 inhabitants. The centre attracted 3.8 million visitors and generated total sales of €29.7 mln in 2013.

Fernando Oliveira, CEO of Sonae Sierra, said the sale is in line with Sonae Sierra’s capital recycling strategy, which is aimed at selling mature assets for reinvestment in new projects or shopping centres.

José Antonio Martín-Borregón, managing director of CBRE Global Investors for Spain and Portugal, said: ‘This operation is an example of the asset rotation strategy that we are carrying out at CBRE Global Investors, a company that has been investing in Spain since 2000 and that currently manages a portfolio of €1.8 bn in assets. CBRE Global Investors continues to seek new investment opportunities in what it considers to be a very attractive market’.

Timothy Young, director of Temprano Capital Partners, said: ‘La Farga corresponds with our strategy to improve income through investment and repositioning.’ Temprano Capital Partners is a European investor and asset manager which specialises in value-add opportunities. Its current focus is on Iberia where it has been actively investing – notably in retail assets - over the last two years.

Sonae Sierra and CBRE GI were advised on the sale by Savills.

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