Negotiations for the sale of the Balkany family’s Spanish shopping centre portfolio are entering a decisive phase. Norges Bank Investment Management, in partnership with the Portuguese group Sonae, is in exclusive talks to acquire these assets for a sum of around €1.5 billion, as reported by Cinco Días and confirmed to the business daily by market sources.
The deal, advised by BNP Paribas and Morgan Stanley, would represent one of the largest property transactions completed in Spain in recent years within the retail sector. The sale process, which began several months ago, had attracted interest from some of Europe’s leading investors and operators specializing in shopping centers, including Klépierre, Nepi Rockcastle, Grupo Lar, Orion Capital and Generali.
The portfolio is structured through La Sociedad General Inmobiliaria de España (Lsgie) and comprises nine properties spread across various autonomous communities. These include La Vaguada, in which the Balkany family holds a 50% stake; Plaza Río 2, Plaza Norte 2, Gran Plaza 2, Plaza Loranca 2 and Plaza Moraleja 2, in the Community of Madrid, as well as Gran Vía 2, in L’Hospitalet de Llobregat, Barcelona, La Villa 2, in La Orotava, Tenerife, and Plaza Mar 2, in Alicante.
The Norges and Sonae consortium is the favorite to complete the acquisition, thanks to the financial strength of the Norwegian sovereign wealth fund and the Portuguese group’s experience in owning and managing shopping centers on the Iberian Peninsula. Should the transaction go ahead, Norges would significantly strengthen its presence in the Spanish commercial property sector, while Sonae would expand its position as a retail asset manager in the domestic market.
The divestment process follows a decision by the second and third generations of the Balkany family to monetize their shopping centre portfolio in Spain. The assets are held by the Luxembourg-based company Evermore, under which Lsgie operates, and the deal could also include the management company Sociedad de Centros Comerciales de España, according to reports published by Cinco Días.
The sale comes at a time of renewed investor interest in the retail sector. Following several financial years marked by the impact of e-commerce, shopping centers have regained prominence thanks to growth in sales, footfall and spending, which has reignited large funds’ appetite for this type of asset. According to data from JLL, investment in commercial property rose by 14% during the first quarter of the year, reaching €1,044 million.
(dp)
