International shopping centre specialist Sonae Sierra has acquired the remaining 25% it did not already own in Plaza Mayor Shopping in Malaga. Financial details were not disclosed.
International shopping centre specialist Sonae Sierra has acquired the remaining 25% it did not already own in Plaza Mayor Shopping in Malaga. Financial details were not disclosed.
The asset is held by Sierra Fund and is managed by Sonae Sierra.
Sierra Fund is a pan-European real estate investment fund, created in 2003. With an equity of EUR 1.08 bn, and a scheduled 10-year life span, the fund currently owns 26 operating shopping centres under operation in the Sonae Sierra portfolio.
Sonae Sierra owns 50.1% of the vehicle.
Dutch pension fund Stichting Pensioenfonds ABP, France's Caisse des Dépôts et Consignations, CNP Assurances and US pension fund TIAA-CREF hold the remaining 49.9%.
Opened in 2008, Plaza Mayor Shopping comprises 58 shops distributed over 18,800 m2 and more than 1,130 parking spaces. The centre is fully let and has seen has generated over EUR 78 mln in sales so far this year.
