Following closing of the deal, Grosvenor will retain a 30% share in Sonae Sierra while Sonae will increase its interest to 70%. Grosvenor will continue to be Sonae's strategic partner in Sonae Sierra while retaining 'adequate' exit rights for a minority shareholder.

'Besides allowing Sonae to strengthen its position and influence in a leading company in this sector, this transaction significantly increases the group’s international profile,' Sonae said in a statement.

At the same time, the deal allows Grosvenor 'to realise capital and provide added firepower to its international property activities, rebalancing and fine tuning its portfolio in the continued pursuit of the group's established international diversification strategy'.

'The decision to reduce our shareholding in Sonae Sierra is an important step in the rebalancing of our international property portfolio,' commented Mark Preston, Grosvenor Group Chief Executive.
 
Grosvenor first acquired a 50% stake in Sonae Sierra in 1996. Sonae Sierra currently manages and co-controls 46 shopping centres in Europe and South America, with a total gross lettable area of 1.9 million m2 and an open market value of €7 bn. The retail specialist recorded a net profit of €110 mln in 2017.