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Harbert Management Corporation close to buying Sonae Sierra’s portfolio
28 October 2019 | Ana Tavares

American fund Harbert Management Corporation is close to buying shopping centres LoureShopping, RioSul and 8ª Avenida. The operation should be closed until the end of the year.

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The news is advanced by EuroProperty, a publication owned by PropertyEU, this week, according to which negotiations with Sonae Sierra are already at an advanced stage. If the purchase is concluded, this will the American fund’s debut in Portugal, after the recent purchase (this Summer) of Ballonti Centre, in Bilbao, from fund Deka.

Opened in 2005, the 8ª Avenida, in São João da Madeira, has a total 20.000 sqm and 125 shops. It is fully owned by Sonae Sierra Portugal. The LoureShopping has 42.000 sqm and is owned in equal parts by Sonae Sierra Portugal and German fund Deka, as well as RioSul, with 44.000 sqm, located in Seixal, recalls Negócios.

PropertyEU advances that these shopping centres should be sold with an annual yield of around 8%.