Grosvenor Group, a prominent player in the property industry, has recently completed the sale of an additional 10% stake in Sonae Sierra, a multinational retail real estate company. The stake was sold to Sonae SGPS for Є82 million. Sonae Sierra is known for its ownership of 27 shopping centers across Europe and South America, with a particular presence in Portugal and Spain.
This is not the first time that Grosvenor Group has reduced its investment in Sonae Sierra. In 2018, the company sold a 20% stake to the same company. As a result of these transactions, Grosvenor Group’s interest in Sonae Sierra has now been reduced to 20%, while Sonae SGPS’ stake has increased to 80%.
The decision to sell this stake is part of Grosvenor Group’s broader strategy of diversifying its international portfolio. By divesting from Sonae Sierra, the company aims to reinvest in its international property activities, enabling further expansion and development in different markets.
In addition to this transaction, Grosvenor’s Europe arm has recently sold its stake in the Haninge Centrum mall in Stockholm, Sweden. The property, which covers an area of 43,000 square meters, was sold to Niam, a real estate private equity firm based in northern Europe. The exact amount of the deal remains undisclosed.
Tim Budden, the finance director of Grosvenor’s Indirect investment business, stated that this recent transaction allows the company to pursue its strategic objectives while maintaining a strong relationship with both Sonae and Sonae Sierra.
These moves exemplify Grosvenor Group’s commitment to diversifying its portfolio and exploring new opportunities in the international real estate market. Through strategic investments and partnerships, the company aims to continue its growth and achieve success in the industry.
**Useful Links:
1. Grosvenor Group Official Website
2. Sonae Sierra Official Website
