Tuesday, 4 August 2026
Norges Bank Investment Management (NBIM) and Sonae Sierra have agreed to establish a joint venture to acquire a portfolio of eight shopping centres in Spain valued at approximately €1.5 billion, strengthening their presence in the Iberian retail real estate market.
The agreement, signed on 31 July 2026, remains subject to regulatory approval and customary closing conditions.
The portfolio comprises more than 250,000 sqm of gross leasable area and includes Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vaguada, Plaza Moraleja 2 and Plaza Loranca 2 in the Madrid metropolitan area, Gran Vía 2 in Barcelona and Plaza Mar 2 in Alicante. The assets are located in densely populated catchment areas with comparatively high purchasing power. The seller is La Sociedad General Inmobiliaria de España (LSGI).
The new joint venture intends to pursue additional shopping centre acquisitions across the Iberian Peninsula that align with its long-term investment strategy and return objectives.
Jayesh Patel, Co-Head of Europe, Real Estate at Norges Bank Investment Management, said the acquisition strengthens the organisation’s exposure to European retail real estate and is consistent with its strategy of investing alongside experienced operating partners. He added that Sonae Sierra’s established management platform and long track record in the Iberian market made it a natural partner for the venture.
As part of the transaction, Sonae Sierra will assume responsibility for managing the acquired portfolio. The company will also acquire 100% of Sociedad de Centros Comerciales de España (SCCE), the retail management platform currently responsible for operating the eight shopping centres included in the transaction as well as ten additional centres owned by third parties.
SCCE employs approximately 130 people, and its integration will further strengthen Sonae Sierra’s asset management capabilities in Spain. Following completion of the acquisition, Sonae Sierra will manage 73 shopping centres across eight countries, with total assets under management of approximately €8.5 billion.
Luis Mota Duarte, Deputy CEO and Executive Director of Investment Management at Sonae Sierra, said the partnership reflects the company’s long-standing strategy of working alongside leading institutional investors with shared long-term objectives. He added that the acquisition of SCCE would further reinforce Sonae Sierra’s operational platform and management capabilities in the Spanish market.
The transaction represents one of the largest retail real estate investments announced in Spain this year and highlights continued institutional demand for dominant shopping centres in established urban markets, despite ongoing changes in the European retail property sector.
