CBRE Global Investment Partners forms joint venture with Sonae Sierra to acquire three shopping centers in Spain and Portugal
Clients CBRE Global Investment Partners
Jones Day advised CBRE Global Investment Partners on its joint venture with Sonae Sierra, shopping center specialist based in Portugal, and its acquisition of a portfolio of three shopping centers in Spain (together with linked hypermarket acquired separately from Tristan Capital Partners) and Portugal from a Sonae Sierra managed fund. The acquisition was structured via the purchase and financing of property holding companies in Spain, Portugal, and the Netherlands and an asset acquisition of the Hypermarket.
The three centers are the 30,280 sqm Algarveshopping and the 19,595 sqm Estacao Viana which are both located in Portugal and the 40,360 sqm Luz Del Tajo located in Toledo, Spain (together with linked hypermarket). All three centers were built between 2001 and 2004 and offer a diverse tenant mix including strong fashion, food, and leisure offers. The portfolio is 96.7 percent let.