Norges Bank Investment Management (NBIM) and Sonae Sierra have formed a joint venture to acquire eight shopping centres from La Sociedad General Inmobiliaria de España (LSGI). The portfolio, which comprises more than 250,000 square metres of gross lettable area (GLA), has an approximate gross value of €1.5 billion. The Norwegian bank will contribute 92%, with the Portuguese group providing the remaining 8%.

The joint venture, focused specifically on shopping centres in the Iberian Peninsula, has agreed to acquire Gran Plaza 2 (Majadahonda), Plaza Norte 2 (San Sebastián de los Reyes), Plaza Río 2 (Madrid), La Vaguada (Madrid), Plaza Moraleja 2 (Alcobendas) and Plaza Loranca 2 (Fuenlabrada) in the Community of Madrid, Gran Vía 2 in L’Hospitalet de Llobregat (Barcelona), and Plaza Mar 2 in Alicante.

Other investment opportunities
The acquisition agreement, signed on 31 July 2026, is subject to approval by the competition authorities and the customary conditions for transactions of this kind, and is expected to be completed in the fourth quarter of 2026. The new joint venture does in addition plan to “selectively” assess other investment opportunities in shopping centres across the Iberian Peninsula that align with its strategic and return profile.

In a separate transaction, Sierra has announced that it will acquire 100% of SCCE, the platform that manages these eight shopping centres, as well as ten others owned by third parties. This will enable it to manage the entire portfolio directly, following the integration of the team of more than 130 professionals currently responsible for the work. Once this second transaction is completed, Sonae Sierra will manage a total of 73 shopping centres across eight countries, valued at €8.5 billion.

Investing alongside specialist operators
Jayesh Patel, Co-Head of Real Estate Europe at Norges Bank Investment Management, explained how this transaction “expands our presence in the European commercial property market and aligns with our strategy of investing alongside specialist operators. We are delighted to partner with Sonae Sierra, which brings a robust platform and an excellent track record in the Iberian market”.

Sonae Sierra Deputy CEO and Executive Director of Investment Management Luís Mota Duarte also said, “Long-term partnerships with leading institutional investors who share our vision, built on fully aligned interests, trust and transparency, have been instrumental in Sierra’s growth. NBIM is one of the world’s most respected investors, with an approach that aligns perfectly with ours, and we are delighted to be partnering with them. We are also delighted to welcome the SCCE team, whose arrival will significantly strengthen our operational platform in Spain”.

^{Photo: SCCE}