“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.
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.
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"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
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