Sierra Fund and CBRE GLOBAL INVESTORS sell Zubiarte Bilbao shopping center to ASG’s Iberia Fund I

12th January 2016

Sierra Fund, managed by Sonae Sierra, and CBRE Retail Property Fund Iberica, owned by CBRE Global Investors, have sold Zubiarte shopping center (Bilbao) to the ASG’s Iberia Fund I managed by European fund manager ActivumSG Capital Management Ltd. The Iberia Fund I is working with Milligan Spain as strategic retail partner for this investment.


Opened in 2004, Zubiarte shopping center was developed by Sonae Sierra and ING Real Estate Development. The shopping center has 20,647 square meters of gross lettable area, 65 stores and a total of 757 parking spaces. Zubiarte is the only shopping center in Bilbao’s city center, and benefits from a unique location amongst major landmark buildings including the Guggenheim Museum, the Iberdrola office tower and the Deusto University.


According to Fernando Oliveira, CEO of Sonae Sierra, “selling Zubiarte is framed within our strategy of recycling capital held by the company and will enable us to execute our investment plan of placing €150 million in several key projects in Spain, especially the Malaga Designer Outlet which will extend the Plaza Mayor center and requires €115 million of construction”.


Jose Antonio Martin-Borregón, Managing Director of CBRE Global Investors in Spain and Portugal, explains: “The sale of Zubiarte is part of the asset rotation strategy of CBRE Global Investors. This year we have consolidated our leadership in the Iberian Peninsula with the acquisition of three retail assets located in key strategic areas, as well as important purchases of logistics centers and office buildings”.


On behalf of ASG’s Iberia Fund I, Brian Betel commented: “Zubiarte shopping center is a strategic acquisition for the fund because it is a high quality asset in a great location within a strong business and industrial city and a wealthy region in Spain. We see the opportunity to enhance the shopping and entertainment experience of the center for the residents of Bilbao over the coming years”.


According to Xavi Alemany, Milligan Spain Asset Management Director “Milligan has been committed to Spain ever since our successful re-positioning of Maremagnum in Barcelona and we are very keen to apply our wealth of retail knowledge and experience to Zubiarte where our unique approach will make a difference”.


Savills and Pérez-Llorca advised the vendors, while Cushman & Wakefield and Bufete Barrilero y Asociados advised ASG.