Sonae Sierra, a Lisbon-based shopping center developer, hopes to raise €300 million (€471 million) of commitments for its newly created Sierra Portugal Fund.
The vehicle is seeded with eight Portuguese shopping centers worth a market value of €425 million, according to the company, the largest of which is ArrabidaShopping in Porto at 61,000 square meters and 215 shops.
Three investors have combined to commit a total of €120 million to the fund so far for a first close, including the Local Government Pensions Institution, a Finnish pension fund for municipal workers, Ilmarinen, a Finnish mutual pension insurance company, and Continental European Fund I and Continental European Fund II, two real estate funds of funds managed by Schroder Investment Management.
The company said its main objective is to provide investors with capital growth and income return through investment in high quality shopping centers and leisure centers.
The fund launch is part of a strategy to increase its asset management activity.
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