Sierra Fund and CBRE Iberian Value Added Fund sell Parque Principado for EUR141.5m
Sierra Fund and CBRE Iberian Value Added Fund have sold Parque Principado shopping centre in Paredes Lugones, Asturias to a company owned by INTU Properties and Canada Pension Plan for EUR141.5m.
Fernando Oliveira, chief executive at Sonae Sierra, says: “This sale reflects Sonae Sierra’s capacity to give investors increased value for their investments through efficient management of top quality shopping centres. Sonae Sierra continues to maintain a solid presence in Spain, owning eight shopping centres and managing three others.”
“The disposal of Parque Principado demonstrates the liquidity of a first class asset, showing an improved market sentiment and the interest of leading institutional investors such as Intu and CPP in the Spanish market,” says José Antonio Martín Borregón, managing director for Spain and Portugal at CBRE Global Investors.