A joint venture between Norway’s Government Pension Fund Global (GPFG) and Portuguese developer Sonae Sierra has acquired a portfolio of six shopping centers in Spain from Sociedad General Inmobiliaria de España (LSGI).
The transaction includes Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vaguada, Plaza Moraleja 2, and Plaza Loranca 2 in the Madrid region, as well as Gran Vía 2 in Barcelona.
The deal marks a significant expansion of the partnership’s presence in the Iberian market, leveraging Sonae Sierra’s operational expertise and the sovereign wealth fund’s long-term capital.
This acquisition follows the pair’s recent winning bid for another retail portfolio, underscoring a strategic push to consolidate high-quality assets in Southern Europe.
The move comes as institutional investors increasingly target Spanish commercial real estate for its yield potential and demographic stability.
LSGI, the seller, is likely to use the proceeds to deleverage or reinvest in other development opportunities, though specific terms of the transaction were not disclosed.