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The Challenge

Following a successful pitch involving capital markets teams from Madrid and London, Cushman & Wakefield won the mandate to sell Islazul shopping center, owned by Ivanhoé Cambridge Europe & Lar Spain Real Estate, in February 2014. Due to a maturing loan and an existing off-market offer, the marketing process had to be quick and thorough.

The Solution

Two solutions were proposed to streamline the process:

The first was to create a bespoke website, exclusive for investors, from which all marketing materials would be distributed (

The second was to organize a multiple stage offer and DD process, maintaining a high level of competition for as long as possible before entering exclusivity at a later stage. In this way, we were able to deliver two investors with initial offers over 14% higher than the off-market offer, and a final sale price of $289.5M (€232M) for the holding company shares in October 2014.

The Results

Throughout the process, we drew on the experience of our Leasing Agency and Property & Asset Management, teams to illustrate the potential that was inherent in the center, turning threats into opportunities and weaknesses into strengths.

The purchaser, TIAA Henderson Real Estate, had been so impressed with the standard and quality of the ideas and solutions we presented that both teams were invited to pitch for their services going forward, which we subsequently won due to the good synergies client found and the potential for the shopping centre attracting new tenants in a near future.