Castellana Properties has signed an agreement to purchase Islazul, a major retail and leisure destination in Madrid’s Carabanchel district, for €340 million. The seller is a joint venture between Henderson Park and Eurofund Group, which acquired the asset in 2024 and carried out an extensive repositioning and refurbishment program. Completion is expected by the end of April.
Islazul boasts around 90,000 sq meters of gross lettable area and attracts close to 12 million visitors per year. The centre provides approximately 4,100 parking spaces and serves a catchment of more than 1.9 million residents within a 15-minute drive, with over 40% of footfall arriving on foot or by public transport. It also holds a BREEAM “Outstanding” certification.
Following the acquisition, Castellana’s portfolio will total 23 assets with roughly 692,000 sqm of gross lettable area and a gross asset value exceeding €2.2 billion.
