Madison International Realty has acquired a 25% stake in the Sierra Portugal Fund from shopping centre specialist Sonae Sierra.
Following the transaction, Sonae Sierra retains a 22.5% stake in the fund which it will continue to manage along with the individual assets within it.
The Sierra Portugal Fund was created in 2008 and has interests in nine operating shopping centres in Portugal, including 8ª Avenida, , ArrábidaShopping, GaiaShopping, LeiriaShopping, LoureShopping, Centro Comercial Continente de Portimão, RioSul Shopping and SerraShopping.
The portfolio is leased to a diversified mix of international and domestic retailers, with occupancy at more than 96%.
Derek Jacobson, managing director at Madison, said the acquisition was “illustrative not only of our confidence in the Portuguese retail market but also our ability to diversify on behalf of our investors, acquiring partial ownership in prime markets in the US, UK and both southern and western Europe.”
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