Islazul, IMAGE: TH REAL ESTATE
Investment

TIAA HENDERSON REAL ESTATE SECURES FINANCING FOR SPANISH SHOPPING CENTER

TIAA Henderson Real Estate (TH Real Estate) has secured €125 million of new debt financing on behalf of the newly acquired Islazul Shopping Center 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 center in Madrid; the center totals 260,000 sq m with a GLA 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 and household stores. Islazul also has 4,100 parking spaces. With an average of 10 million visitors per annum, the shopping center boasts major firms such as Primark, a number of Inditex brands, H&M, a Yelmos cinema complex, and a Media Markt 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 without compromising on the investors’ needs.”

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