Norges Bank Investment Management (NBIM) and Sonae Sierra have announced the formation of an Iberian shopping center joint venture, which has agreed to acquire a portfolio of eight shopping centers in Spain. The agreement was signed on July 31, 2026, and is subject to anti-trust approval and customary conditions precedent.
The portfolio comprises more than 250,000 square meters (2.7 million square feet) of gross leasable area and has a gross value of approximately €1.5 billion ($1.7 billion). The assets are Gran Plaza 2, Plaza Norte 2, Plaza RĂo 2, La Vaguada, Plaza Moraleja 2 and Plaza Loranca 2 in the Madrid region; Gran VĂa 2 in Barcelona; and Plaza Mar 2 in Alicante. All are established shopping centers in urban catchments with strong purchasing power. The seller is La Sociedad General Inmobiliaria de España.
The joint venture will also selectively consider further shopping center opportunities in Iberia that fit its strategic and return profile.
Jayesh
