The two companies have announced that they have agreed the sale of the Islazul shopping centre in Madrid to Castellana Properties, a listed company specialising in the acquisition and management of retail assets across Spain and Portugal, for €340M.
Henderson Park acquired the asset in 2024 in a joint venture with Eurofund Group, acting as operating partner. During its ownership, the JV has executed a comprehensive repositioning strategy, reinforcing the centre’s dominant market position through extensive capital investment, operational improvements and a full remodelling programme scheduled for completion this spring. The refurbishment has materially enhanced the customer experience, including the introduction of flagship stores, upgraded common areas and optimised customer flows, driving increased footfall and longer dwell times.
Today, Islazul is one of Madrid’s leading retail and leisure destinations, comprising more than 180 brands, including major international retailers such as Zara, Primark, JD Sports and Lidl, alongside a strong leisure and food & beverage offer. The centre provides approximately 90,000sq m of gross lettable area and attracts around 12 million visits annually, with over 40 per cent of visitors arriving on foot or by public transport. Strategically located opposite the M-40 ring road the scheme benefits from 4,100 parking spaces, excellent public transport connectivity and a catchment area of more than 1.9 million residents within a 15-minute drive.
Christophe Kuhbier, Head of Investments, Europe, at Henderson Park, commented: “Despite a challenging decade after the GFC, dominant shopping centres remained a strong investment conviction for Henderson Park. We acquired Islazul, alongside other retail assets, during a 24-month period of exceptional capital markets dislocation, presenting the rare opportunity to secure a truly irreplaceable, market-leading property at yields rarely available. We enhanced our investment through active asset management including the introduction of flagship stores anchored by leading global brands, with a true alignment between owner and retailer and revisiting customer flows. From the outset, we anticipated the return of long-term strategic capital to the sector, beginning with best-in-class assets such as Islazul, as evidenced by this transaction.”
Ion Saralegui, CEO of Eurofund Group, added: “This transaction underscores the strength of our conviction in dominant retail destinations and validates the repositioning strategy we have executed at Islazul alongside Henderson Park. In just two years, we have delivered a comprehensive transformation of the asset, enhancing its tenant mix, sustainability credentials and long-term competitive positioning. Islazul continues to offer significant upside potential and is well positioned to consolidate its benchmark status both nationally and internationally, as evidenced by the recent achievement of BREEAM certification.”
