Sonae Sierra takes control of Portuguese mall

Shopping centre specialist Sonae Sierra is acquiring Rockspring's half share in CascaiShopping centre in Portugal.

The financial details were not disclosed.

Fernando Guedes de Oliveira, CEO of Sonae Sierra, commented: 'This deal represents a great opportunity to increase our investment in this high-quality asset, which is the main shopping destination in the region.'

The centre is owned 50% by Sierra Fund and 50% by a fund managed by Rockspring Property Investment Managers.

CascaiShopping, opened in 1991, was Sonae Sierra’s first shopping centre to be developed on greenfield land and is still regarded as one of the main shopping centres in the Greater Lisbon region.

The centre has a gross lettable area of 73,000 m2 with more than 200 shops, seven cinemas, 36 restaurants and around 4,000 parking spaces. More than 10 million people visited the centre in 2012.