Sonae Sierra has reached an agreement with a fund managed by Rockspring Property Investment Managers, for the acquisition of its 50 percent stake in CascaiShopping, located in Cascais, Portugal.
The completion of the transaction still depends on the conclusion of some legal proceedings, namely confirmation of non-opposition by the Portuguese Competition Authority. Currently CascaiShopping is owned 50 percent by Sierra Fund and 50 percent by a Fund managed by Rockspring Property Investment Managers.
CascaiShopping, inaugurated in 1991, was Sonae Sierra’s first shopping centre to be developed on greenfield land and is still regarded as one of the main shopping centres in the Lisbon region.
The Centre has 73, 000 sqm with more than 200 shops, seven cinemas, 36 restaurants and around 4,000 parking spaces. In 2012 the centre welcomed more than 10 million visitors and has an occupancy rate of almost 100 percent.
Over the past few years, the centre has undergone several expansions and refurbishment works, namely a 7,750 sqm expansion in 2003 which created an area exclusively dedicated to fashion and more recently, in 2012, the refurbishment of the entire food court, a €2.3m project covering an area of 2,800 sqm with about 900 seats.
