Sonae Sierra JV confirms sale of Bilbao shopping centre

Sonae Sierra and CBRE Global Investors have confirmed the sale of Bilbao’s Zubiarte shopping centre to asset manager Activum SG Capital.

The complex was acquired for Activum SG’s Iberia Fund I, which is working with Milligan Spain as strategic retail partner. Spanish media reported the purchase price was around €30 mln.

Opened in 2004, the complex was developed by Sonae Sierra and ING Real Estate Development and is the only shopping centre in the centre of Bilbao. It has over 20,000 m2 of gross lettable space divided among 65 stores.

Fernando Oliveira, CEO of Sonae Sierra, said the sale ‘will enable us to execute our investment plan of placing €150 mln in several key projects in Spain, especially the Malaga Designer Outlet, which will extend the Plaza Mayor centre and requires €115 mln of construction’.

Brian Betel, of ActivumSG, said: ‘Zubiarte shopping centre is a high-quality asset in a great location within a strong business and industrial city and a wealthy region in Spain.’