Sierra Fund (a pan-European retail fund in which Sonae Sierra has a stake of 50.1%) and the Retail Property Fund Iberica (RPFI), which is managed by CBRE Global Investors, have sold the La Farga Shopping Centre (Hospitalet de Llobregat, Barcelona) to Temprano Capital Partners. In the purchase and sale agreement, the parties agreed not to disclose the sale price, for confidentiality reasons.
According to Fernando Oliveira, CEO of Sonae Sierra, “this sale is part of Sonae Sierra’s capital recycling strategy, based on the sale of mature assets in order to be able to reinvest in new projects or shopping centers in operation with a greater potential for growth.”
As explained by José Antonio Martín-Borregón, Managing Director of CBRE Global Investors España y Portugal, “this operation is an example of the asset rotation strategy that we are carrying out at CBRE Global Investors, a company that has been investing in Spain since 2000 and that currently manages a portfolio of €1.8 billion in assets. CBRE Global Investors continues to seek new investment opportunities in what it considers to be a very attractive market”.
Timothy Young, Director of Temprano Capital Partners, said: “La Farga corresponds with our strategy to improve income through investment and repositioning”.
During the sale, the vendor has been advised exclusively by Savills.
Source: Sonae Sierra