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Ivanhoé Cambridge and Grupo Lar announced today they have sold Islazul Shopping Centre in Madrid, Spain for €232 million.

Cushman & Wakefield advised on the transaction and was appointed lease agent and property manager for the shopping centre.

With gross leasable area of 90,000 m2 (969,000 ft2) and more than 4,100 parking spaces, Islazul is one of Madrid’s major retail destinations, welcoming more than 10 million visitors annually.

Meka Brunel, Executive Vice President, Europe, Ivanhoé Cambridge, said: “This transaction is one more step forward in the execution of our business plan which calls for, among others, the repositioning of our European portfolio. The freed-up capital will be recycled into strategic assets and products in Europe.”

Luis Pereda, President, Grupo Lar, said : “This transaction is aligned with our business strategy and allows us to re-invest in exciting real estate opportunities in Spain.”