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"Sonae Sierra has launched its second shopping centre investment fund - the Sierra Portugal Fund - with a total equity of EUR 300m. The fund is seeded with eight Portuguese shopping centres, representing a total market value of over EUR 425m and also benefits from a pipeline of three projects currently being developed in Portugal, whose estimated market value, after completion, will be EUR 235m.
Three investors have joined Sonae Sierra in the initial closing of the fund with combined commitments of EUR120m. The investors are the Portuguese Local Government Pensions Institution, a Finnish pension fund for municipal workers and Continental European Fund I and Continental European Fund II, two real estate funds of funds managed by Schroder Investment Management. Further closings are planned later in the year. The Fund's main objective is to provide investors with capital growth and income return through the investment in a portfolio of high-quality Portuguese shopping and leisure centres" (CS della Società).
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