Sonae Sierra sold 25 percent of Sierra Portugal Fund to Madison International Realty. It will retain a 22.5 stake in the fund, however, and will continue to manage the nine shopping centers in it. The centers are 8ª Avenida, AlbufeiraShopping, ArrábidaShopping, GaiaShopping, LeiriaShopping, LoureShopping, Centro Comercial Continente de Portimão, RioSul Shopping e SerraShopping. The company still has 51 percent of Sierra fund. Derek Jacobson, Madison’s director, said his company would work with Sonae Sierra while “collaborating with a number of other reference investors”.
