The three shopping centres were bought from Sierra Fund, investment fund managed by Sonae Sierra and CBRE Retail Property Fund Iberica, fund managed by CBRE GI, who held 50% of the assets each.
Peter Korbačka will have an 87.5% share of the assets, and Sonae Sierra the remaining 12.5%. The assets will keep being managed by Sonae Sierra.
Peter Korbačka comments in a release that «Spain is one of the most solid markets in the real estate sector in Europe. We are very happy with the acquisition of a portfolio of shopping centres which are consolidated and dominant in three of Northern Spain’s wealthiest cities. In addition, to have a partner like Sonae Sierra gives us confidence about the success of this investment», he adds.
Pedro Caupers, in charge of investments at Sonae Sierra believes that, «this new partnership will be a turning point for these three shopping centres in Spain, where we will invest in refurbishments and in improving the commercial offer, in order to offer our visitors a high quality experience and to offer added value to the stakeholders». And he adds that «we believe this new partnership is the beginning of a lasting relation, which may extend to new projects, in Spain and in other European countries».
Antonio Simontalero, Fund Manager at CBRE RPFI and Country Manager for the Iberian market at CBRE Global Investors, higlights that «the alienation of GranCasa, Max Center and Valle Real is in line with CBRE Retail Property Fund Iberica’s strategy to keep optimizing its portfolio focusing on its core assets. We are very happy with the result of this transaction and with the return for our investors after years of actively managing the three shopping centres».
In this deal, JLL, CBRE, Deloitte, Mace and Pérez-Llorca advised Sierra Fund and CBRE Global Investors. Peter Korbačka and Sonae Sierra were advised by Uría Menéndez, KPMG and Hill International.