March 2, 2020 / 7:08 AM / in a month

BRIEF-Sonae: Unit Sonae Sierra Creates 1.8 Bln Euro Strategic Joint-Venture Invested In Prime Iberian Shopping Centers

March 2 (Reuters) - SONAE SGPS SA:

* SAID ON SATURDAY ITS UNIT SONAE SIERRA SIGNED AND COMPLETED AN AGREEMENT WITH APG, ALLIANZ AND ELO TO CREATE A LEADING RETAIL ESTATE JOINT-VENTURE IN IBERIA WITH A GROSS ASSET VALUE OF 1.8 BILLION EUROS (SIERRA PRIME)

* THE TRANSACTION RESULTS IN APPROXIMATELY 525 MILLION EUROS OF CASH PROCEEDS TO BOTH SONAE SIERRA AND APG, WHICH HAVE DISPOSED 50% OF THEIR INTEREST IN THIS PORTFOLIO TO ALLIANZ AND ELO

* EACH INVESTOR WILL RETAIN A 25% STAKE WITH A 15-YEAR HORIZON IN THE SIERRA PRIME PORTFOLIO

* THE PORTFOLIO IS COMPOSED OF SIX PRIME SHOPPING CENTERS IN PORTUGAL AND SPAIN, NAMELY; CENTRO COLOMBO (50% STAKE), VASCO DA GAMA (50%), NORTESHOPPPING (50%), CASCAISHOPPING (100%), PLAZA MAYOR (100%) AND MCARTHURGLEN DESIGNER OUTLET MALAGA (50%)

Source text: bit.ly/2Icr2ko bit.ly/32KRj2K

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