TIAA Henderson Real Estate (TH Real Estate) has secured a €125 mln loan from ING to finance its recent acquisition of the Islazul Shopping Centre in Madrid.
TIAA Henderson Real Estate (TH Real Estate) has secured a €125 mln loan from ING to finance its recent acquisition of the Islazul Shopping Centre in Madrid.
The new five-year facility will be used to finance the €232 mln mall purchase from Canadian Group Ivanhoé Cambridge and Spanish property firm Grupo Lar, which was announced at end-October.
Islazul is the second-largest shopping centre in Madrid with a GLA of 260,000 m2. Located in the city’s Carabanchel neighbourhood, the mall opened in 2008 and currently generates annual rents of between €12 mln and €15 mln. It was put up for sale in early 2014 for an asking price of €220 mln.
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