TIAA Henderson Real Estate (TH Real Estate) has secured €125m in debt financing in Spain.

The investor said the five-year facility was provided by ING Real Estate Finance on “competitive terms” on the Islazul Shopping Centre in Madrid.

As reported last month, TH Real Estate paid €232m for the centre, the second-largest in Madrid.

Ivanhoé Cambridge and Grupo Lar announced they sold the 260,000sqm centre, without naming the buyer.

The centre has a gross leasable area of 90,000sqm, with fashion brands accounting for 40% of the surface area.

Leisure and restaurants occupy 28%, and a hypermarket, operated by Leclerc, occupies 17.5%.

The remaining surface area is occupied by services or household stores.

Ivanhoé and Lar, according to the former’s executive vice-president for Europe, Meka Brunel, sold the centre to “free up capital” to be recycled into “strategic assets and products” in Europe.