TIAA-Henderson Real Estate is reportedly in the lead to acquire the giant Islazul shopping centre in Madrid for €210 mln, emerging ahead of other bidders including a joint venture of Hines and HSBC.
TIAA-Henderson Real Estate is reportedly in the lead to acquire the giant Islazul shopping centre in Madrid for €210 mln, emerging ahead of other bidders including a joint venture of Hines and HSBC.
According to Spanish paper Expansion, the 256,000 m2 complex was put up for sale in early 2014 for an asking price of €220 mln.
The asset was developed by Spanish developer Lar and Ivanhoé Cambridge, the real estate arm of the Quebec pension fund Caisse de Dépôt et Placement du Québec, requiring an investment of around €350 mln.
Located in the Carabanchel neighbourhood in Madrid, Islazul opened in 2008 and currently generates annual rents of between €12 mln €15 mln.
