Sonae Sierra sells 50% of LoureShopping to Deka

Portuguese retail property specialist Sonae Sierra has completed the sale of 50% of the LoureShopping mall to Deka Immobilien Investment, a German real estate fund manager, for EUR 65 mln.

LoureShopping has a gross lettable area (GLA) of almost 40,000 m² and comprises 123 shops, 26 restaurants and a 2,100-space parking lot.

Sonae Sierra said the deal, which was signed on 12 December, is part of its strategy to seek partnerships with prestigious international real estate operators and investors. Cushman & Wakefield acted for Sonae Sierra, and Deka was advised by CB Richard Ellis.

Sonae Sierra owns 47 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total of more than 1.8 million m². The company is developing a further 13 more projects, with a total of 500,000 m2, in Portugal, Spain, Germany, Greece, Romania and Brazil.

Deka Immobilien Investment is a part of DekaBank Group.