Norges Bank Investment Management (NBIM) has signed an agreement to acquire a 92 per cent interest in a portfolio of shopping centres in Spain, in partnership with Sonae Sierra.
The asset manager, which is responsible for the investments of the Government Pension Fund Global (GPFG), will pay approximately €1.4bn for its stake, valuing the portfolio at a gross value of approximately €1.5bn.
Sonae Sierra will acquire the remaining 8 per cent of the portfolio and will take on responsibility for the portfolio's management on behalf of the joint venture.
The portfolio comprises approximately 258,000 square metres of retail space and is being sold by Sociedad General Inmobiliaria de España (LSGIE).
NBIM co-head of European real estate, Jayesh Patel, said: "This transaction grows our retail real estate exposure in Europe and aligns with our strategy of investing alongside specialist operators.
“We are pleased to partner with Sonae Sierra, who bring a strong platform and a long track record in Iberia, and we look forward to working with their team.”
The agreement was signed on 31 July 2026, with completion of the acquisition expected in the fourth quarter of 2026.
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