International shopping centre specialists Sonae Sierra and Madrid-headquartered investment manager Armórica have formed a partnership to acquire the Serra Shopping shopping centre in the city of Covilhã. The asset is partly owned by the Sierra Portugal fund.
As a result of the deal, Armórica will hold a majority stake in the asset, while Sonae Sierra will have a minority stake. Sonae Sierra will continue to be responsible for the management of the shopping centre.
'We’re delighted to have formed another partnership, which has come about thanks to the market’s recognition of the quality of our assets, as well as this important investment partner’s confidence in our experience and know-how as a major operator in the retail real estate sector,' said Fernando Guedes de Oliveira, CEO of Sonae Sierra.
Located in Covilhã, Serra Shopping opened to the public in November 2005. It has 75 shops spread over 17,678 m2 of Gross Lettable Area (GLA), representing the largest commercial offer in the region, as well as 900 parking spaces.
'The acquisition of Serra Shopping falls within Armórica’s expansion strategy, which involves acquiring assets of known quality that match its investment model,' said Johannes Sleumer, chairman of Armórica. 'The partnership with Sonae Sierra shows how relevant Armórica is in the real estate landscape of the Iberian Peninsula and underlines its commitment to keep growing based on sustainable, long-term relationships.'
Sonae Sierra was advised by RPE on the transaction, while the legal aspects were handled by Garrigues.
Global Armórica managed the transaction with the support of Internos and the legal advice from PLMJ.
