Sierra Fund, a pan-European retail fund in which Sonae Sierra has a stake of 50.1%, has sold Valecenter shopping center (Marcon, Venice) and Airone shopping center (Monselice, Padua) to Blackstone Real Estate Partners IV and Blackstone Real Estate Partners VII for €144.5 million, a value in line with the latest independent valuation of the properties.
According to Fernando Guedes de Oliveira, CEO at Sonae Sierra, "These agreements reflect our ability to create long-term value for the investors in the shopping centers we manage, as well as our business strategy of recycling capital for future growth. This will allow us to continue our international expansion in the markets where we currently operate as well as into new geographies. We continue to look actively for opportunities to grow our businesses in Italy, a key country for us and where we maintain a solid presence, owning three shopping centers and delivering services to third parties for three other projects in country."
Valecenter and Airone, shopping centers of reference
Valecenter was inaugurated in 1993 and acquired by Sierra Fund in 2005. During these eight years, Valecenter became the shopping center of reference in its catchment area. It has a Gross Leasable Area of 59.839 m² and about 2,600 parking spaces. In 2012, Valecenter was visited by more than five million persons and its sales totaled more than €134 million.
Under the management of Sonae Sierra, the shopping center has been submitted to a refurbishment, which has deeply changed the tenant mix - commercial offer has increased from 80 to 130 tenants - , the layout, the architectural aspect and it saw the enlargement of the parking area. This property renovation was awarded by the International Council of Shopping Centres (ICSC) in the "Refurbishment & Extension" category in 2010.
Airone was inaugurated in 1997 and acquired by Sierra Fund in 2005. It has a Gross Leasable Area of 15.690 m² and about 1,200 parking spaces. In 2012, Airone was visited by almost two million persons and its sales totaled more than €16.2 million. Throughout these years of management, Airone has become the shopping center of choice in the neighborhood, with a friendly environment which makes it the preferable place for families in their daily shopping.
Source: Sonae Sierra