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Harbert Management Corporation in Talks to Acquire Portfolio of Shopping Centres from Sonae Capital
29 October 2019 – Sonae Capital is currently finalising talks to sell a portfolio of three shopping centres in Portugal to the US-based investment firm Harbert Management Corporation. The shopping centres in the portfolio include the LoureShopping in Loures, RioSul Shopping in Seixal, and 8th Avenue in São João da Madeira.
The acquisition would be Harbert’s first foray into the Portuguese real estate market and comes after the firm has been hunting for possible acquisitions for a year. Sonae will reportedly sell the assets at an implicit yield of approximately 8%.
The 42,000-m2 LoureShopping opened in 2005 and is owned equally by the Sierra Portugal Fund and the German fund Deka. 8th Avenue, with 20,000 m2 of surface area, opened two years later, has 125 stores and is wholly owned by the Sonae Sierra fund. RioSul Shopping, with 44,000 m2 and 130 stores, is also equally owned by Sonae Sierra Portugal and a pan-European fund.
Original Story: Economia Online – Rita Neto
Adaptation/Translation: Richard D. K. Turner