Norges Bank Investment Management has signed an agreement in respect of the acquisition of a 92 percent interest in a portfolio of shopping centres in Spain, in partnership with Sonae Sierra.
"This transaction grows our retail real estate exposure in Europe and aligns with our strategy of investing alongside specialist operators. We are pleased to partner with Sonae Sierra, who bring a strong platform and a long track record in Iberia, and we look forward to working with their team," says Jayesh Patel, Co-Head of European Real Estate at Norges Bank Investment Management.
The agreement was signed on 31 July 2026 with completion of the acquisition expected in the fourth quarter of 2026.
Norges Bank Investment Management will pay approximately 1.4 billion euros for its 92 percent ownership interest, valuing the portfolio at a gross value of approximately 1.5 billion euros.
The seller is LSGIE (Sociedad General Inmobiliaria de España).
A Sonae Sierra subsidiary will acquire an 8 percent interest in the portfolio. Sonae Sierra will perform the asset management for the portfolio on behalf of the joint venture.
The portfolio comprises approximately 258,000 square metres of retail space.
