Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio

Munich, 02.03.2020

Allianz Real Estate, acting on behalf of several Allianz group insurance companies, has acquired a 25% stake in Sierra Prime, a retail portfolio of prime shopping centres across Portugal and Spain. The new strategic joint venture combines sellers, Sonae Sierra and APG, who will each retain a 25% stake with the remaining share owned by Finnish pension insurance company Elo. The deal represents Allianz Real Estate’s first investment in Portugal and further complements the firm’s focus in the region.

“This portfolio is comprised of the most-dominant shopping centres in Portugal and Spain. Portugal, in particular, is a very strong market for shopping centres due to the minor role of high street retail. This transaction offers Allianz Real Estate excellent, long-term diversification benefits at significant scale and underlines our strategic approach to expand selectively in alternative asset classes – best-in-class assets in terms of performance and location. In addition, we have a strong interest to further expand our footprint in one of Europe’s most dynamic real estate markets,” said Kari Pitkin, Head of Business Development, Allianz Real Estate.

The Sierra Prime portfolio has a very successful track record; attracting over 90 million visitors each year, its historical performance has been remarkable, even during economic crises. In addition, it holds a strong tenant base with full occupancy and it offers attractive growth opportunities through asset management.

The portfolio is composed of six prime retail shopping centres, with three located in Greater Lisbon (Centro Colombo, Centro Vasco da Gama and CascaisShopping), two in Málaga (Plaza Mayor and Designer Outlet Málaga), and one in Greater Porto (NorteShopping). In total, it encompasses 1,150 units for a total GLA of 380,000 sqm, with three of the assets currently undergoing expansion projects to be completed by 2023.

Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio
Allianz expands into Portugal with a 25% stake in Sierra Prime, a EUR 1.8bn retail portfolio

Day-to-day management of the portfolio will remain with Porto-headquartered Sonae Sierra, an investment, development and asset management firm with a global OMV of c. EUR7 billion. 

“The Sierra Prime portfolio underscores our commitment to working with prime partners, investors and stakeholders. We are delighted to build relationships with well-known and established stakeholders such as APG, Sonae Sierra and Elo who share our long-term, strategic approach and focus on prime assets,” said Jerome Berenz, Head of Indirect Investments, Allianz Real Estate.

Étiqueté avec:

Indirect Indirect Spotlight

Contact presse

Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are known jointly as “Allianz Real Estate”. Allianz Real Estate is a PIMCO company. When introducing a property investment opportunity to Allianz Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between Allianz Real Estate and the introducer. By submitting an introduction to Allianz Real Estate you shall be deemed to have accepted the aforementioned terms.
PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.  ©2022, PIMCO.