French shopping centre owner and developer Frey has acquired two shopping centres in Portugal from Iberia Coop, a fund owned 10% by Sonae Sierra and 90% by international investors.
Sonae Sierra will continue to asset manage both AlgarveShopping and Albufeira Retail Park, and said that the divestments formed part of its capital recycling strategy.
AlgarveShopping (pictured) and Albufeira Retail Park comprise some 60,000 m2 of space, with tenants including all brands of the Inditex group (Zara, Pull & Bear, Bershka, etc), Fnac, C&A, H&M, JD Sport, Rádio Popular and Worten, a Continente hyperrmarket, about 20 restaurants, a cinema and a parking lot for 3,000 vehicles.
'We are very pleased with the completion of this transaction, which is another important milestone in the implementation of Sonae Sierra’s strategy and a market recognition of the high quality of the real estate assets in which we invest,' said Fernando Guedes de Oliveira, CEO of Sonae Sierra.
Frey specialises the development and management of open-air shopping centres.