• With this transaction, Castellana Properties’ portfolio reaches 23 assets, with a gross lettable area (GLA) of 692,105 sq m and a gross asset value (GAV) exceeding €2.222 billion.
• Islazul is one of the most important retail and leisure destinations in the Spanish capital, with a gross lettable area (GLA) of 90,000 sq m and annual footfall of approximately 12 million visits.
• Islazul is the most sustainable shopping centre in the world and the first to obtain BREEAM’s “Outstanding” certification, achieving the highest score not only in Spain but worldwide.

Castellana Properties, a listed company specialising in the acquisition and management of retail assets in Spain and Portugal, has signed an agreement with Henderson Park, an international real estate investment manager, and Eurofund Group, an international real estate investment, development and management group with a strong track record across Europe, to acquire the company that owns the Islazul shopping centre, located in the Carabanchel district of Madrid, for a total of €340 million. Following this acquisition, Castellana Properties’ portfolio will comprise 23 assets, with a gross lettable area (GLA) of 692,105 sq m and a gross asset value (GAV) exceeding €2.222 billion. The transaction is expected to close on 30 April.

This transaction is aligned with the company’s strategy of investing in leading assets within their respective catchment areas, with potential for growth through active management and value-add initiatives. Islazul is one of the capital’s most important retail and leisure destinations, with a gross lettable area (GLA) of approximately 90,000 sq m and annual footfall of around 12 million visits, more than 40% of which are made on foot or via public transport. The asset stands out for its strategic location opposite the M-40 ring road, with 4,100 parking spaces, excellent public transport connections and a strong catchment area of more than 1.9 million inhabitants within a 15-minute drive.

Alfonso Brunet, CEO of Castellana Properties, said:

“Islazul is a prime urban asset with strong operational fundamentals, a very well-established customer base and clear potential for long-term value creation. The optimisation strategy for our portfolio, following the sale of our retail park portfolio in recent weeks, has enabled us to strengthen our position and invest in this strategic asset, fully aligned with our long-term vision. Thanks to our active management model and the expertise of our team, we are confident that we will continue to drive the shopping centre’s growth through a range of initiatives, generating sustainable value for investors, operators and local communities.”

Christophe Kuhbier, Head of Investments for Europe at Henderson Park, commented:

“During the challenging period experienced by the retail market following the global financial crisis, dominant shopping centres remained a priority investment for Henderson Park. We acquired Islazul 24 months ago, at a time marked by significant market corrections, which allowed us to access an irreplaceable asset and a leader within its catchment area at highly attractive yield levels.”

Ion Saralegui, CEO of Eurofund Group, added:

“This transaction reaffirms our commitment to leading retail destinations and highlights the successful repositioning of Islazul carried out together with Henderson Park. In just two years we have transformed the centre, improving its retail mix, strengthening its sustainability credentials and enhancing its long-term competitiveness. The recent BREEAM certification is further proof of our vision to position Islazul as a benchmark both nationally and internationally.”

Since its opening in 2008 and a subsequent partial refurbishment in 2019, Islazul has consolidated its retail and leisure offering with more than 180 brands, including key operators such as Zara, Primark, Lefties, MediaMarkt, JD and Lidl, complemented by a strong leisure and food & beverage offering with 40 establishments, including Yelmo Cines, Ilusiona, Burger King, McDonald’s, Tony Roma’s and Foster’s Hollywood.

The most sustainable shopping centre in the world

The Islazul shopping centre has implemented an ambitious ESG strategy that positions it as the most sustainable shopping centre in the world. It is the first shopping centre to obtain the BREEAM “Outstanding” certification and has achieved the highest score not only in Spain but globally. This recognition reflects a strong commitment to sustainability, including the installation of solar panels, the use of 100% renewable electricity in common areas, high energy efficiency standards and responsible waste management, fully aligned with Castellana Properties’ ESG strategy.

In addition, Islazul integrates innovation and sustainable mobility into its management model through Smart Property technology, a digital platform for electric vehicle charging and the development of a Sustainable Mobility Plan aimed at both employees and visitors.