Sierra Portugal Fund (SPF) has reached an agreement with GREP II, a fund managed by Grosvenor Fund Management, for the acquisition of its 50% stake in AlbufeiraShopping and Centro Comercial Continente de Portimão, becoming the sole owner of both assets.
SPF was created in 2008 and currently owns nine of the shopping centers in operation in Portugal.
Sonae Sierra holds 47,5% of SPF, and the other 52,5% are divided between Keva and Ilmaren (both in Finland), Schroders Investment Management (United Kingdom) and the Partners Group (Switzerland).
According to Sonae Sierra's CEO, Fernando Guedes de Oliveira "this operation is a good opportunity to strengthen Sierra Portugal Fund's position in two assets established in the Algarve for about 25 years. We're pleased with the perspective of owning AlbufeiraShopping and Centro Comercial Continente de Portimão in full, two major retail references in the Algarve region."
Source: Sonae Sierra