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TH Real Estate acquires hypermarket in Madrid, Spain

Islazul

TH Real Estate has completed the acquisition of the hypermarket at Islazul shopping centre, Madrid, from French chain E.Leclerc.

The asset adds to TH Real Estate’s prior holding, having acquired Islazul Shopping Centre from Grupo Lar and Ivanho Cambridge in 2014. This latest acquisition will provide an additional 19,327 sq m (208,034 sq ft) of space for new operators, further widening the retail and leisure offer at the scheme, in addition to 4,100 parking spaces.  

With an average of 12 million visitors per annum, Islazul shopping centre boasts major firms such as Primark, a number of Inditex brands, H&M, a Yelmos Cinema complex and a Media Markt home electronics store. It is the second largest shopping centre in Madrid.  

TH Real Estate has simultaneously refinanced the debt on the centre. The syndicate of lenders was led by ING Bank. 

Marta Cladera de Codina, Head of Iberia, TH Real Estate, said: "We are delighted to complete this deal which increases our management of the entire scheme to 100%, and  look forward to adding a range of new, innovative operators, to further improve the  customer experience across the scheme."

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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