Portugal-based Sonae Sierra and Slovakian property developer Peter Korbačka agreed to buy three shopping malls in Spain for a total of €485 million, Institutional Real Estate Inc. reported.

The deal involves the GranCasa mall in Zaragoza, the Valle Real shopping center in Camargo and Max Center in Barakaldo.

The properties were sold by a 50/50 joint venture between the Sonae Sierra-managed Sierra Fund and CBRE Global Investors LLC's CBRE Retail Property Fund Iberica, the Dec. 19 report added.

Korbačka will hold 87.5% of the three-property portfolio, while Sonae Sierra will own the remaining 12.5% and fully manage the assets.