Spanish mall developer and operator El Corte Inglés (ECI) has sold a shopping centre in Madrid to Spanish family-owned real estate business Monthisa for €150 mln, according to Spanish news site Real Estate Press.
The shopping centre, located on Paseo de la Castellana, is occupied by ECI who will lease the property back for a minimum of 10 years.
The yield on the sale of the 17,500 m2 asset was around 4%.
The centre is laid out over three upper floors and three basement levels, including a car park. Tenants include Bricor, an ECI travel agency and a 24 hour veterinary hospital.
The up-and-coming Azca area, where the centre is located, will also be the destination for a new ECI shopping arcade and a Zara flagship store.
Monthisa Real Estate was advised by the international real estate consulancy Inmored.
