Norway's wealth fund and Sonae Sierra buy Spanish shopping centres

Norway's sovereign wealth fund (Norges Bank Investment Management) and Portuguese shopping-centre operator Sonae Sierra formed an Iberian joint venture on 31 July 2026 and simultaneously agreed to acquire eight Spanish shopping centres from Sociedad General Inmobiliaria de España (LSGI) for around €1.5bn. The portfolio, with over 250,000 sqm of gross lettable area, comprises La Vaguada, Gran Plaza 2, Plaza Norte 2, Plaza Río 2, Plaza Moraleja 2 and Plaza Loranca 2 (all in the Madrid area), Gran Vía 2 in Barcelona and Plaza Mar 2 in Alicante. Sonae Sierra takes over direct management of the portfolio and separately acquires 100% of management company SCCE with its more than 130 staff. The joint venture's ownership split was not disclosed; completion is subject to competition clearance.