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Covid-19 delays conclusion of Madeira Shopping’s sale
31 March 2020 | Vanessa Sousa

Sonae Sierra reached a deal with group Mazabi for the sale of Madeira Shopping at the beginning of the month, but the deal is still in due diligence and given the current situation caused by the new coronavirus, the conclusion of this operation might be even more delayed.

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This information was gathered by newspaper El Economista from market sources and reported this Monday. According to the Competition Authority, this is one of 4 processes initiated this year which are still ongoing.

Spanish group Mazabi – through its subsidiary Atalaya La Tejita – should use this operation to enter the Portuguese market. Madeira Shopping has 100 stores spread across 26.600 sqm and 1.060 parking spots. Sonae Sierra not only owns the asset together with Estevão Neves and APG, as is in charge of its management.

This operation is part of Mazabi’s international expansion strategy which has led it to invest in European cities such as Brussels, London and Amsterdam. Despite the fact that the value of the transaction was not disclosed, the incorporation of this asset into the management company’s portfolio will help it reach another of its goals for this year: to reach a 2.000 million euro portfolio, an amount 500 million euro higher than its current portfolio.