Global investment manager Nuveen Real Estate is selling the Islazul shopping mall in Madrid's Carabanchel district for an estimated €320 mln, according to market reports.
The sales process has been entrusted to consultancy firm Cushman & Wakefield.
So far, both Nuveen and Cushman & Wakefield have declined to comment.
The 250,000 m2 property is advertised as the largest shopping mall in Madrid and one of the largest in Spain, with a 90,700 m2 gross lettable area (GLA) over three floors.
Nuveen (former TH Real Estate) acquired Islazul in 2014 from Lar and Ivanhoé Cambridge for €230 mln.
Three years later, it bought the adjacent hypermarket from E.Leclerc, subsequently leasing the 19,327 m2 of extra space to other tenants including Lidl.
Opened in 2008, Islazul has over 180 shops from leading brands such as Adidas, Bershka, H&M, Footlocker, Levi’s, Mango, MediaMarkt, Primark, and Zara, in addition to nearly 50 restaurants, including Burger King, KFC, Starbucks, and Taco Bell.
Conveniently located next to the M40 ring road, the shopping mall has a catchment area of around two million people and is visited by over 250,000 consumers every week.
Islazul boasts the sustainable ‘Exceptional’ BREEAM international certification due to its low energy consumption and water saving measures.
It is understood that Nuveen Real Estate is selling Islazul in order to rotate its already mature property portfolio and to take advantage of rising investor interest in retail real estate assets after the Covid-19 pandemic.
The US-based asset manager has over €2 bn of assets in Spain, including logistics warehouses, shopping malls, and retail outlets.
