Grosvenor reduces Sonae Sierra stake again
Property giant Grosvenor Group has sold a further 10% stake in multinational retail real estate company Sonae Sierra to Sonae SGPS for Є82 million.
Sonae Sierra owns 27 shopping centres in Europe and South America, including 13 in Portugal and seven in Spain.
Grosvenor, which owns and operates a large section of prime real estate in central London, said the transaction will allow for “re-investment in its international property activities” as part of the group’s “international diversification strategy”.
The latest transaction comes after selling a 20% stake to the same company in 2018. That means Grosvenor’s interest in Sonae Sierra is reduced to 20% while increasing Sonae SGPS’ stake to 80%.
As part of that same diversification strategy, Grosvenor's Europe arm sold its stake in the Haninge Centrum mall in Stockholm, Sweden in February. The 43,000 sq m property was sold for an undisclosed sum to Niam, a real estate private equity firm based in northern Europe.
Tim Budden, finance director of Grosvenor’s Indirect investment business, said of the latest deal: "This transaction enables Grosvenor to recycle capital in pursuit of its strategy whilst maintaining the valued and long-standing relationship with both Sonae and Sonae Sierra”.
Copyright © 2021 FashionNetwork.com All rights reserved.