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Cushman & Wakefield advises Madison on acquisition of 25% stake in the Sierra Portugal Fund

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Cushman & Wakefield Portugal advised Madison International Realty, a leading real estate private equity firm, on the acquisition of a 25% stake in the Sierra Portugal Fund from Sonae Sierra.

The Sierra Portugal Fund was created in 2008 and owns interests in nine operating shopping centres within Portugal, with the portfolio comprising 8ª Avenida, AlbufeiraShopping, ArrábidaShopping, GaiaShopping, LeiriaShopping, LoureShopping, Centro Comercial Continente de Portimão, RioSul Shopping and SerraShopping.

Following this transaction, Sonae Sierra still retains a 22.501% stake in the Sierra Portugal Fund and will continue to manage both the fund and the individual assets within it.

The Capital Markets and Retail Agency teams of Cushman & Wakefield Portugal assisted Madison in the analysis of the performance of the centres and of the respective retailers, modeling the discounted cash flows in order to underwrite the pricing.

David Lopes, Associate of Cushman & Wakefield and responsible for retail investment within the firm’s Portuguese business, commented: “It was a pleasure to be part of Madison’s team and to be able to help a major international investor in this acquisition, which is yet another vote of confidence in Portugal and in Sonae Sierra’s ability to attract new investors into the country”.  

Derek Jacobson, Managing Director at Madison International Realty commented: “The acquisition of a 25% stake in the Sierra Portugal Fund is illustrative not only of our confidence in the Portuguese retail market but also our ability to diversify on behalf of our investors, acquiring partial ownership in prime markets in the U.S., U.K. and both Southern and Western Europe. We look forward to working with Sonae Sierra as a fully aligned co-owner and manager and sitting alongside a number of other blue-chip investors whilst continuing to create value in a rapidly improving market.”


Filipa Mota Carmo

Filipa Carmo

Marketing Manager

Lisbon, Portugal

Phone +351 213 219 548

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