Sonae Sierra Names Pablo Buendía Leasing Head
The appointment comes as the joint venture with NBIM moves to acquire eight shopping centres in Spain from LSGIE.
Updated on Nov. 4, 2026 in Commercial
Sonae Sierra has appointed Pablo Buendía as head of leasing business development, a role he will hold within the joint venture between Sonae Sierra and NBIM. The move follows a July 31 agreement by the joint venture to acquire eight shopping centres in Spain from Sociedad General Inmobiliaria de España (LSGIE).
Why it matters
The acquisition, valued at approximately 1.5 billion euros, expands the joint venture's retail footprint in Spain and places leasing expertise at the center of managing the new portfolio. Buendía's background in retail space leasing is directly relevant to the integration work ahead.
The eight-centre portfolio spans roughly 250,000 square metres of gross leasable area, with a gross value of approximately 1.5 billion euros. Completion is expected in the fourth quarter of 2026, though the source does not address post-closing leasing targets.
The players
Sonae Sierra
A Portuguese shopping centre developer and asset manager that operates retail properties across Europe and Brazil, and that co-owns the joint venture with NBIM.
Norges Bank Investment Management (NBIM)
The investment arm of Norway's central bank, which manages the Government Pension Fund Global and holds the majority stake in the acquired portfolio.
Pablo Buendía
A Spanish retail real estate professional with nearly 20 years of experience in shopping centre leasing, who previously led leasing for Spanish centres at Savills.
Sociedad General Inmobiliaria de España (LSGIE)
The Spanish real estate company that owns the eight shopping centres being sold to the joint venture.
The details
Buendía, a Spanish national, was leasing director for shopping centres in Spain at Savills from May 2025 and announced the appointment on LinkedIn. The acquired centres include sites in Madrid, Barcelona, and Alicante, and the joint venture will hold them with NBIM retaining 92 percent ownership.
Timeline
May 2025: Buendía becomes leasing director for shopping centres in Spain at Savills.
July 31: The joint venture signs its agreement to acquire eight Spanish shopping centres.
Fourth quarter of 2026: Completion of the shopping centre acquisition is scheduled.
January 2027: Luís Mota Duarte becomes CEO of Sonae Sierra.
Market Landscape
Institutional investors such as NBIM have increasingly paired with specialist operators like Sonae Sierra to buy European shopping centres rather than develop them, a model visible in this Spanish portfolio. The appointment of a dedicated leasing lead within the venture signals that the partners intend to actively manage occupancy rather than hold the assets passively.
For shoppers at the acquired Spanish centres, the change in ownership is unlikely to alter day-to-day access, since the source does not indicate closures or format changes. Tenants and local visitors should watch for leasing announcements once the joint venture takes over management after closing.
The takeaway
Institutional capital is increasingly backing experienced local operators, so retail real estate professionals who understand leasing in specific national markets remain in demand. Watching how the joint venture uses Buendía's expertise after the fourth-quarter closing will show how the partners plan to revive the acquired centres.
What happens next
Completion of the eight-centre Spanish shopping centre acquisition is scheduled for the fourth quarter of 2026.
Further reading
For more on how institutional partners are reshaping retail property ownership, explore the Commercial section.
Source note: This article includes information reported by FashionUnited.
