As an investor of pension assets, APG has been investing since 2003 in prime shopping centers in Portugal and Spain. Together with joint venture partner Sonae Sierra, APG had a successful 50/50 partnership for many years. APG, on behalf of its pension fund clients, and Sonae Sierra have now decided to sell a 50% stake in this portfolio to Allianz and Elo. Together the four parties will form a new joint venture - Sierra Prime - to further support the development and growth of the portfolio. Allianz and Elo will pay an amount of EUR 525 million for this 50% stake.
“Over the last 17 years the assets have shown their strength and resilience. We are now pleased to be part of the creation of Sierra Prime, allowing us to retain exposure to these assets going forward, whilst bringing in Allianz and Elo, two respected institutional investors, as new partners to the venture. Together with Sonae Sierra, all four parties look forward to further support the development and growth of these prime assets,” said Robert-Jan Foortse, Head of APG European Property Investments.
The Sierra Prime portfolio includes three assets in Greater Lisbon (Centro Colombo, Centro Vasco da Gama, CascaiShopping), NorteShopping in Greater Porto, Plaza Mayor in Málaga and the recently opened McArthurGlen Designer Outlet Málaga.