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Lar & Ivanhoé Put the Islazul Shopping Center in Madrid Up For Sale Again
23/06/2014 – Expansion
The real estate group Lar (running the Socimi – REIT – Lar España) and the Canadian fund Ivanhoé Cambridge have decided to put the Islazul shopping mall in Madrid up for sale.
The first sale of the 90.700 square meter GLA shopping center has been announced earlier this year. That time, Orion offered €185 million for the property which was far less than expected €220 million based on the mall valuation. To obtain a better price, the partners made the decision to put the Islazul up for an auction again.
The fund bought two other shopping centers: the Plenilunio in Madrid and the Puerto Venecia in Zaragoza.
Apart from Orion that underpins its offer, also Blackstone, Klepierre and Invesco are said to take part in the new bidding.
Original article: Expansión (by R. Ruiz)
Translation: AURA REE