CBRE Investment Management has acquired the Parque Corredor shopping centre in Spain from Redevco and Ares Management.
CBRE IM said the 123,000sqm regional shopping centre in Madrid was acquired on behalf of a fund from its direct real estate strategies division.
According to market sources, the asset was put up for sale by Redevco and Ares for between £230m (€264m) and £250m.
The joint venture of Ares and Redevco bought over 70% stake in the Parque Corredor shopping centre for €140m in 2028.
Antonio Simontalero, portfolio manager at CBRE IM, said: “This acquisition reflects our continued confidence in the resilience of dominant regional retail destinations that combine strong fundamentals, active asset management potential and excellent sustainability credentials.
“Parque Corredor stands out due to its scale, tenant mix and refurbishment quality, offering an attractive long-term investment that aligns with our fund strategy.”
Antonio Roncero, head of transactions for Iberia at CBRE IM, said: “Spain is one of Europe’s most liquid markets and this asset stands out as a market leader in its catchment.
“This was a rare opportunity to acquire a dominant shopping centre in a tier-one city with a strong tenant mix, compelling base-case returns and the potential to unlock significant additional value.”
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