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25 MARCH 2021
Grosvenor Group Limited (‘Grosvenor’), one of the world’s largest privately-owned international property companies, has sold a 10% share of Sonae Sierra, the multinational retail real estate company, to Sonae SGPS, for a total consideration of approximately 82 million euros.
The transaction follows a similar sale in 2018 for a 20% stake and will allow Grosvenor to realise capital for re-investment in its international property activities, continuing to rebalance its portfolio in the continued pursuit of the Group’s established international diversification strategy.
Following this sale, Grosvenor’s interest in Sonae Sierra reduced from 30% to 20% and the Sonae SGPS interest increased to 80%.
Tim Budden, Finance Director of Grosvenor’s Indirect investment business, said: "This transaction enables Grosvenor to recycle capital in pursuit of its strategy whilst maintaining the valued and long-standing relationship with both Sonae and Sonae Sierra."