8/04/2014 – El Confidencial
Over the last months real estate market saw many transactions in which a foreign fund was the buyer of a shopping center in Spain. Orion, a pan-European property investment fund, is at the verge of finalizing the purchase of the Islazul shopping mall for around €200 million. Six years after its opening (April 2008), the unit´s developers (namely Grupo Lar with a 25% holding, Grosvenor with 25% as well and Ivanhoe Cambridge with 50% of the entire property) put the mall up for sale.
The property value has been estimated at €195 million by consultant firm Colliers. (…) The owners decided to sell it at lower price than the amount invested in its construction and despite the fact that the center was proclaimed the best 2007 shopping mall project.
Thanks to its 90.000 square meter gross lettable area and the 256.000 constructed square meters that include 4.500 garage spaces, Islazul has been considered the biggest in Madrid for a long time. The complex is found in Ensanche de Carabanchel, between the Carabanchel and the Latina districts, embraced by the Toledo highway and the M40 ring road. It is located in the south-most part of Madrid at the border with Leganés. Islazul houses 180 shops. (…).
The year 2013 might have marked the turning point for shopping center acquisition in Spain.
Original article: El Confidencial (by Carlos Hernanz)
Translation: AURA REE