Grosvenor Group Limited (‘Grosvenor’), one of the world’s largest privately-owned international property companies, has agreed to sell that portion of its interests representing 20% of Sonae Sierra, the multinational retail real estate company, to Sonae SGPS, for a total estimated consideration of approximately 255 million euros.
The transaction will allow Grosvenor to realise capital and provide added firepower to its international property activities, rebalancing and fine tuning its portfolio in the continued pursuit of the Group’s established international diversification strategy.
The transaction is subject to anti-trust approval. Upon this being confirmed, Grosvenor’s interest in Sonae Sierra will reduce to 30% and Sonae SGPSs will increase to 70%.
Mark Preston, Grosvenor Group Chief Executive, said: ‘The decision to reduce our shareholding in Sonae Sierra is an important step in the rebalancing of our international property portfolio. We look forward to continuing the strong relationship with Sonae and Sonae Sierra which we have enjoyed for over two decades.’
For more information contact:
Grosvenor Group Communications Director
T +44 (0) 20 7312 6435 / M +44 (0) 7736 383 262
Grosvenor Group Media Relations Manager
T +44 0(20) 7312 7008 / M +44 (0)7919 321 422
Notes to editors
About Grosvenor Group:
Grosvenor Group is one of the world’s largest privately-owned property companies. We develop, manage and invest in property in more than 60 cities around the world.
Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe we diversify the Group’s property portfolio by geography, sector, activity, currency and management teams.
Our Indirect Investment business further diversifies the Group’s property interests beyond the expertise and strategies of our four regional Operating Companies. It invests Grosvenor’s capital in Africa, Australia, Europe and North and South America.
Grosvenor Group’s purpose is to deliver lasting commercial and social benefit. To live up to this ambition, for over 10 years we have adopted an approach we call 'Living cities' which aims to guide and inspire our property activities.
Achieving strong commercial returns enables our activities to be enduring. Applying our expertise with a far-sighted perspective to improve properties and places provides a positive impact on communities, neighbourhoods and cities.
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Linkedin: Grosvenor Group
About Sonae SGPS:
Sonae is a multinational company managing a diversified portfolio of businesses in retail, financial services, technology, shopping centres and telecommunications, having reached a turnover of 5.5 billion euros by the end of 2017.
Present in about 90 countries and with over 45,000 employees, Sonae has the mission to “create long-term economic and social value, taking the benefits of progress and innovation to an ever-increasing number of people”.
Sonae’s portfolio, in which gravitate over 40 brands, is built by the following business units: Sonae MC (food retail), Sonae Sports & Fashion (specialized retail), Worten (electronics retail), Sonae RP (retail real estate assets), Sonae FS (financial services), Sonae IM (investment management in technology for retail, telecommunications and cybersecurity), Sonae Sierra (shopping centres) and NOS (telecommunications).