TIAA Henderson Real Estate is buying a Spanish retail asset for €232m.

Ivanhoé Cambridge and Grupo Lar announced they had sold the Islazul shopping centre in Madrid, without naming the buyer.

Local Spanish press reported that TH Real Estate was the buyer.

The company declined to comment.

Ivanhoé and Lar, according to the former’s executive vice-president for Europe, Meka Brunel, sold the 90,000sqm building to “free up capital”.

“This transaction is one more step forward in the execution of our business plan, which calls for, among other things, the repositioning of our European portfolio,” Brunel said.

“The freed-up capital will be recycled into strategic assets and products in Europe.”

Ivanhoé Cambridge, a subsidiary of the Caisse de dépôt et placement du Québec, sold a Canadian property portfolio for CAD1.53bn (€1.03bn) in August as part of a move away from direct ownership of commercial real estate.

As part of the deal, the company becomes the largest unit holder in Cominar, acquiring CAD250m in new units and for a 8.5% stake.

TH Real Estate this week said it was buying a 50% interest in a Sydney office property for AUD300m (€209m). 

The investor said it was buying the stake in 101 Miller Street, including Greenwood Plaza, a connecting retail complex.