Henderson Park and Eurofund Group have sold the repositioned Islazul shopping centre in Spain to Castellana Properties for €340m, marking the end of a two-year hold for the sellers.
Henderson Park acquired the Islazul shopping centre in 2024 through a joint venture with Eurofund Group, which served as the operating partner.
During the holding period, the partnership implemented a comprehensive repositioning strategy to strengthen the centre’s dominant market position. This involved significant capital investment, operational enhancements and a full remodelling programme scheduled for completion this spring.
Islazul comprises approximately 90,000sqm of gross lettable area and generates roughly 12 million annual visits.
Christophe Kuhbier, head of investments, Europe, at Henderson Park, said: “We acquired Islazul, alongside other retail assets, during a 24-month period of exceptional capital markets dislocation, presenting the rare opportunity to secure a truly irreplaceable, market-leading property at yields rarely available.
“We enhanced our investment through active asset management, including the introduction of flagship stores anchored by leading global brands, with a true alignment between owner and retailer and revisiting customer flows.”
Ion Saralegui, CEO of Eurofund Group, said: ”This transaction underscores the strength of our conviction in dominant retail destinations and validates the repositioning strategy we have executed at Islazul alongside Henderson Park.
“In just two years, we have delivered a comprehensive transformation of the asset, enhancing its tenant mix, sustainability credentials and long-term competitive positioning.”
Alfonso Brunet, CEO of Castellana Properties, said: “Islazul is a prime urban asset with robust operational fundamentals, a highly established customer base and clear long-term value-creation potential.
“Our recent portfolio optimisation, marked by the successful sale of our retail park portfolio, has strategically reinforced our market position and enabled us to invest in this strategic asset in line with our long-term strategy.”
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