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TIAA Henderson Real Estate secures €125m debt for Spanish shopping centre


TIAA Henderson Real Estate (TH Real Estate) has secured a new €125m debt financing on behalf of the newly acquired Islazul Shopping Centre in Madrid, Spain. The new five year facility has been provided by ING, an existing lender for TH Real Estate, on competitive terms.

Islazul is the second largest shopping centre in Madrid; the centre totals 260,000 sq m with a Gross Leasable Area of 90,000 sq m. The retail mix is primarily made up of fashion brands, accounting for 40% of the surface area, while leisure and restaurants occupy 28%, and a hypermarket, operated by Leclerc, occupies 17.5%. The remaining surface area is occupied by services or household stores. Islazul also has 4,100 parking spaces. With an average of 10 million visitors per annum, the shopping centre boasts major firms such as Primark, a number of Inditex brands, H&M, a Yelmos Cinema complex and a Media Market home electronics store.

Colin Throssell, Head of Treasury, said “Our existing relationships with lenders such as ING, mean we are well-positioned to secure extremely competitive terms for assets across our global portfolio. In this instance, the longstanding and trusted relationship in place with ING allowed this financing to be secured within an incredibly tight deadline but not compromising on the investors’ needs.”

Mike Shields, Head of REF Western Europe, UK, USA, and Structured Products at ING, added “TH Real Estate has been a close client relationship for ING REF in many markets and we were happy to provide them financing on such a high quality Spanish asset. This financing is further evidence of ING's commitment to supporting clients on high quality transactions across a wide range of locations and asset classes.”

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Past performance is not a guide to future returns. 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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