In a strategic move that underscores the dynamism of Spain’s commercial real estate sector, the Portuguese multinational Sonae Sierra has signed a collaboration agreement with the Mexican operator Inmobic to assume the leasing and commercialization of a portfolio consisting of five operational shopping centers and an additional asset currently under development. The transaction not only reinforces the operational structure of both companies across the Iberian Peninsula, but also reaffirms the attractiveness of Spanish tertiary real estate assets for investors from Latin America.
The agreement includes a diversified selection of assets such as the Espacio Torrelodones shopping center located in Madrid, together with Mirador de Cuenca in Cuenca, Itaroa Shopping Center in Navarre, Odeón Shopping Center in A Coruña, and La Marina Shopping Center in Alicante. The portfolio also incorporates Santa Ana Shopping Center, a development currently underway in Cartagena.
Inmobic’s involvement in the commercial management of these assets—supported by the infrastructure of a global platform—represents a strengthening of Mexican corporate presence within the economic fabric of Madrid and the broader Spanish market.
The management strategy designed for these properties will operate under a co-exclusive model between Sonae Sierra and Inmobic. The primary objective of this structure is to optimize the tenant mix and maximize the assets’ market value. According to the companies, this framework enables the implementation of tailored commercial strategies adapted to diverse regional contexts, leveraging both local market knowledge and technical expertise to design competitive retail offerings.
Spain’s commercial and retail real estate sector continues to demonstrate solid operational fundamentals. Recent data from the 2025 financial year indicate a trend of stability and growth among comparable assets, with occupancy levels in leading shopping centers reaching between 96% and 98.5%. Additionally, sales volumes and visitor footfall have increased, with certain commercial hubs exceeding 17 million annual visitors, confirming the resilience of retail assets compared with other segments of the real estate market.
From a corporate perspective, Sonae Sierra strengthens its third-party services division through this contract, further consolidating its position as a specialized provider capable of managing a global portfolio exceeding €7 billion in assets. For Inmobic, the alliance represents a significant step in its expansion strategy within the Spanish market, placing its confidence in local teams to execute complex leasing mandates.
From a financial standpoint, the transaction is widely interpreted as a clear signal of Madrid’s potential as a preferred destination for corporate investment. The inclusion of key assets in the Madrid region within this agreement highlights that the capital’s market continues to function as a strategic magnet for international capital—particularly for Latin American groups seeking to consolidate their presence in Europe through partnerships with leading industrial partners.