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Sonae Sierra, APG, Allianz and Elo create Sierra Prime, a retail JV worth €1.8 Billion

McArthurGlen Designer Outlet Málaga
Recreation of the Designer Outlet Málaga shopping centre.

The companies Sonae Sierra and APG have finalised a deal with Allianz and Elo to form a joint venture called Sierra Prime, comprising 6 shopping centres located all over the Iberian Peninsula, with a total gross asset value of more than €3 billion (€1.8 billion on a proportional basis).

Sierra Prime’s portfolio includes Centro Colombo, Centro Vasco de Gama and CascaiShopping, all located in the metropolitan area of Lisbon; plus NorteShopping in Oporto; and two assets in Málaga: Plaza Mayor and the McArthurGlen Designer Outlet, which opened 2 days ago. Specifically, the portfolio contains 50% of the Colombo, Vasco de Gama, NorteShopping and McArthurGlen Designer Outlet Málaga properties and 100% of CascaiShopping and Plaza Mayor.

These shopping centres have a combined gross leasable area (GLA) of 380,000 m2 and attract close to 90 million visitors per year.

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