Portugal’s Sonae has increased its interest in shopping centre specialist Sonae Sierra to 80% following the acquisition of a further 10% stake from Grosvenor Investments.
Sonae spent €82 mln to buy the shares, representing a discount of 11 on the company’s ltest net asset value.
The group formerly owned 70% of Sonae Sierra. The acquisition follows the exercise of a put option by Grosvenor.
‘The main impact of this transaction on the Group’s consolidated financial statements will be the transfer of Reserves from “Non-controlling Interests” to “Group Equity,” given that Sonae already owns a controlling interest of 70% in Sonae Sierra,’ the company said in a statement.
Sonae Sierra manages 27 shopping centres in Portugal, Spain, Italy, Brazil, Greece, Colombia and Romania.
