NBIM, Sonae Sierra buy €1.5B retail platform: advisors
Clifford Chance and Deloitte Legal have advised Norges Bank Investment Management and Sonae Sierra on the acquisition of a shopping centre platform comprising eight shopping centres, valued €1.5 billion. Ashurst Perkins Coie and Garrigues have advised La Sociedad General Inmobiliaria de España (LSGI), the seller.
Sonae Sierra and Norges Bank have established a joint venture focused on shopping centres in the Iberian Peninsula to acquire the portfolio. The agreement, signed on 31 July 2026, remains subject to customary regulatory approvals, including clearance from the competition authorities, as well as other standard closing conditions.
The portfolio comprises more than 250,000 square metres of gross leasable area (GLA). The assets included in the transaction are Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vaguada, Plaza Moraleja 2 and Plaza Loranca 2 in the Madrid region; Gran Vía 2 in Barcelona; and Plaza Mar 2 in Alicante. The joint venture will also selectively assess additional investment opportunities in shopping centres across the Iberian Peninsula that meet its strategic and return criteria.
The transaction is expected to be the largest real estate deal completed in Spain this year, says Ashurst.
Legal advisors
On Ashurst’s side, the transaction was led by consultant Eduardo Gracia (tax), with support from Jorge Ramírez (counsel, tax), Tannia Rodríguez (counsel, corporate M&A), María López-Garayalde (associate, corporate M&A) and Marina García Vallejo (associate, tax).
On Garrigues’ side, the team was composed of Renata Mendaña (partner, M&A) and M. Ángeles Pérez de Ayala (partner, tax), as well as real estate partners Estefanía Iceta, Héctor Muñoz, Blanca Jiménez, Jorge García-Pellicer; banking and finance partner José Miguel Pinillos, competition/antitrust partner Oriol Armengol, public law partners David Arias and Mireia del Pozo, labour partner Rafael Giménez-Arnau, IP partner Antonio Muñoz Vico, data protection partner Alejandro Padin.
