Sonae Sierra and Armórica Buy SerraShopping

16 February 2018

Sonae Sierra and Armórica have created a new partnership to acquire the SerraShopping centre in Covilhã, from the Sierra Portugal Fund, which owns part of the asset.

In a statement, Sonae Sierra explained that Armórica will hold a majority stake in the shopping centre, while Sonae Sierra will maintain a minority stake, taking on the responsibility for the management of the mall.

Sonae Sierra was advised by RPE, and legal aspects were handled by Garrigues. Armórica undertook the transaction with the support of Internos, along with PLMJ in legal matters.

Sonae Sierra’s CEO Fernando Guedes de Oliveira stated that “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.”

Johannes Sleumer, the chairman of Armórica, believes that “The acquisition of Serra Shopping falls within Armórica’s expansion strategy, which involves acquiring assets of known quality that match its investment model. 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.”

SerraShopping opened to the public in 2005 and has 75 stores covering 17,678 m² of GLA and 900 parking spaces.

Original Story: Vida Imobiliária – Ana Tavares

Translation: Richard Turner

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