In a statement, Sonae Sierra explains that, within the scope of this acquisition, Armórica will hold a majority stake in the Asset, and Sonae Sierra will hold a minority stake, and maintain the management responsibility of the shopping center.
In this operation, Sonae Sierra was advised by RPE, and legal aspects were entrusted to Garrigues. Armórica managed the transaction with the support of Internos and PLMJ in legal consulting.
Sonae Sierra CEO, Fernando Guedes de Oliveira, states that "we are very pleased with the implementation of this partnership, which results from the recognition by the market of our assets’ quality and the trust of this important investor partner in our experience and know-how as retail real estate operator."
Joannes Sleumer, Chairman of Armórica, believes that "the acquisition of SerraShopping is part of Armórica's expansion strategy, which involves acquiring assets of recognized quality and aligned with its investment model. The partnership with Sonae Sierra demonstrates the relevance of Armórica in the real estate scene of the Iberian Peninsula and reaffirms its commitment to continue to grow based on sustainable and long-term relationships".
SerraShopping opened to the public in 2005, and has 75 stores distributed by 17,678 m² of GLA and 900 parking spaces.