Castellana Properties is in negotiations to acquire the Islazul shopping centre in Madrid in a deal valued at around €340 million, according to a relevant fact sent to BME Growth. The company has specified that, for the moment, there is no firm commitment to purchase.
The asset currently belongs to the British fund Henderson Park, which acquired it together with Eurofund approximately two years ago for more than €225 million. Islazul has a gross leasable area of 90,700 sqm, around 180 operators and nearly 50 restaurants, making it one of the largest shopping centres in the Community of Madrid. In previous years, it has recorded an estimated footfall of around 10 to 12 million visitors per year and has operated at occupancy levels of over 95%.
If closed at the announced price, the transaction would imply an approximate valuation of €3,750 per square metre of GLA. Compared to the previous acquisition price, the figure would reflect a significant revaluation of the asset following the commercial repositioning process undertaken in recent years.
The potential purchase fits in with Castellana's strategy of concentrating its portfolio on larger shopping centres with greater regional weight. In January, the SOCIMI closed the acquisition of the Berceo shopping centre in Logroño from Barings for €108 million. The asset has more than 34,000 sqm of gross leasable area and recorded 6.3 million visits in 2025.
This transaction followed the sale of several retail parks to Ares Real Estate Funds as part of a portfolio reorganisation process aimed at strengthening its exposure to established shopping centres.
If the acquisition goes ahead at around €340 million, it would be one of the largest transactions in the Spanish retail market in 2026.
