Norges Bank Investment Management, the body that manages the Government Pension Fund of Norway, and the company Sonae Sierra have launched a joint investment venture in shopping centers in the Iberian Peninsula. Through this new 'joint venture', they have agreed to purchase a portfolio consisting of eight shopping complexes located in Spain, with an estimated value of around 1.5 billion euros.
The agreement was signed on July 31, 2026, and, as detailed by Sonae Sierra in a statement released this Friday night, the operation is still pending approval from the competition authorities, as well as the fulfillment of the usual conditions in this type of transaction.
The acquired portfolio, whose seller is the General Real Estate Company of Spain (LSGI), has an approximate gross value of 1.5 billion euros and exceeds 250,000 square meters of gross leasable area.
In detail, the package includes as assets the shopping centers Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vaguada, Plaza Moraleja 2, and Plaza Loranca 2, all of them in the Community of Madrid; Gran Vía 2, in Barcelona; and Plaza Mar 2, in Alicante.
Sonae Sierra will take charge of the direct management of the entire portfolio and, separately from this alliance, will acquire 100% of the company SCCE.
The transaction also involves the incorporation of a team of more than 130 professionals who currently manage the eight shopping centers included in the operation, in addition to another ten assets belonging to third parties.
Once the operation is completed, Sonae Sierra expects to manage a total of 73 shopping centers spread across eight countries, which will bring its volume of assets under management to around 8.5 billion euros.
Furthermore, the 'joint venture' will selectively analyze new investment opportunities in shopping centers in the Iberian Peninsula that fit its "strategic and profitability" profile, indicates the multinational real estate company.
"This operation expands our presence in the commercial real estate market in Europe and aligns with our strategy of investing alongside specialist operators," analyzes the co-director of Real Estate for Europe at Norges Bank Investment Management (NBIM), Jayesh Patel.
On the part of Sonae Sierra, the company has expressed "delighted" to partner with NBIM, which they describe as "one of the most respected investors globally."
"Long-term alliances with top-tier institutional investors who share our vision, based on full alignment of interests, trust, and transparency, have been fundamental to Sierra's growth," states the 'deputy' CEO and executive director of Investment Management of Sonae Sierra, Luis Mota Duarte.