Sonae Sierra Creates Joint Venture with APG, Allianz, and Elo

5 March 2020 Sonae Sierra, APG, Allianz, and Elo announced that they were joining together to create Sierra Prime, a 15-year €1.8 billion strategic joint venture that will control six prime shopping centers in Iberia. Portugal’s securities commission published a note which stated “Sonae Sierra, APG, Allianz and Elo finalized an agreement today to create a strategic joint venture composed of six benchmark shopping centers in Iberia, assets with a gross value that exceeds €3 billion (€1.8 billion on a proportional basis).”

The assets, four of which are located in Portugal and two in Spain, will be managed by Sierra Prime. The portfolio includes the Centro Colombo, Centro Vasco da Gama, and CascaiShopping, in the Lisbon metropolitan area, and NorteShopping in the Porto metropolitan area, as well as two assets in Malaga – Plaza Mayor and the recently opened McArthurGlen Designer Outlet Málaga.

Each of the four partners owns an equal portion of the joint venture.

Original Story: Economia Online – Catarina Melo

Translation/Summary: Richard D. Turner