Norges Bank Investment Management and Sonae Sierra have formed a joint venture for shopping centres in the Iberian Peninsula, through which they have agreed to acquire a portfolio of eight shopping centres in Spain. The agreement, signed on 31 July 2026, is still subject to approval by the competition authorities and to the usual conditions for this type of transaction.
The acquired portfolio has an approximate gross value of €1.5 billion and comprises more than 250,000 sqm of gross floor area. The assets included in the transaction are Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vaguada, Plaza Moraleja 2 and Plaza Loranca 2 in the Community of Madrid; Gran Vía 2 in Barcelona; and Plaza Mar 2 in Alicante. All are well-established shopping centres in their respective urban areas, with high purchasing power. The seller of this portfolio is La Sociedad General Inmobiliaria de España.
The joint venture will also selectively evaluate new investment opportunities in shopping centres across the Iberian Peninsula that fit its strategic and profitability profile.
“This transaction expands our presence in the commercial property market in Europe and is in line with our strategy of investing alongside specialist operators. We are delighted to be partnering with Sonae Sierra, which brings a solid platform and an excellent track record in the Iberian market, and we look forward to working with their team”, said Jayesh Patel, Co-Head of Real Estate for Europe at Norges Bank Investment Management.
Sonae Sierra will take over the direct management of the entire portfolio and, separately from this partnership, will acquire 100% of SCCE. This transaction includes the integration of a team of more than 130 professionals who currently manage the eight shopping centres in the acquired portfolio, as well as a further ten assets owned by third parties. Once the transaction is complete, Sonae Sierra will manage a total of 73 shopping centres across eight countries, bringing its total assets under management to €8.5 billion.
“Long-term partnerships with leading institutional investors who share our vision, based on fully aligned interests, trust and transparency, have been fundamental to Sierra’s growth. NBIM is one of the most respected investors globally, with an approach that fits perfectly with our own, and we are delighted to be able to partner with them. We are also delighted to welcome the SCCE team, whose arrival will significantly strengthen our operational platform in Spain”, said Luis Mota Duarte, Deputy CEO and Executive Director of Investment Management at Sonae Sierra.
