Sonae Sierra and Ocidental have partnered to buy the MaiaShopping and GuimarãeShopping malls in Portugal from the Sierra Fund.

Ocidental, which is part of the Ageas international insurance group, will hold the majority stake in the assets.

Shopping centre specialist Sonae will be responsible for the management of the two assets.

No financial details were disclosed.

MaiaShopping has over 90 stores spread over 28,252msq of gross lettable area. GuimarãeShopping has more than 100 stores in 28,819msq of gross lettable area.

Fernando Guedes de Oliveira, the chief executive officer of Sonae, said: “We are very satisfied with this partnership, which we hope won’t be limited to this deal, but will continue into the future, if other opportunities of interest for both parties may arise.

“Sonae Sierra will maintain its proactive management of the two shopping centres, whilst enhancing value creation and contributing to the objectives of the partnership.”