February 27, 2026Henderson Park and Eurofund Group sell Islazul shopping centre, Madrid, to Castellana Properties for €340 million
- Asset acquired by Iberian retail property specialist, Castellana Properties
- Since acquiring the centre in 2024, Henderson Park and Eurofund Group have invested significantly in materially improving performance and positioning.
- Asset management success sees Islazul recognized as the most sustainable shopping centre in the world and the first to obtain the BREEAM Outstanding certification.
Madrid/London, 27 February 2026: Henderson Park, the international real estate investment manager, and Eurofund Group, an international investment, development and real estate management group with a strong track record across Europe, announce that they have agreed the sale of the Islazul shopping centre in Madrid to Castellana Properties, a listed company specialising in the acquisition and management of retail assets across Spain and Portugal, for €340 million. The transaction is expected to close on April 30th, 2026.
Henderson Park acquired the asset in 2024 in joint venture with Eurofund Group, acting as operating partner. During its ownership, the JV has executed a comprehensive repositioning strategy, reinforcing the centre’s dominant market position through extensive capital investment, operational improvements and a full remodelling programme scheduled for completion this spring. The refurbishment has materially enhanced the customer experience, including the introduction of flagship stores, upgraded common areas and optimised customer flows, driving increased footfall and longer dwell times.
Today, Islazul is one of Madrid’s leading retail and leisure destinations, comprising more than 180 brands, including major international retailers such as Zara, Primark, JD Sports and Lidl, alongside a strong leisure and food & beverage offer. The centre provides approximately 90,000 sqm of gross lettable area and attracts around 12 million visits annually, with over 40% of visitors arriving on foot or by public transport. Strategically located opposite the M-40 ring road, the scheme benefits from 4,100 parking spaces, excellent public transport connectivity and a catchment area of more than 1.9 million residents within a 15-minute drive.
Christophe Kuhbier, Head of Investments, Europe, at Henderson Park, commented: “Despite a challenging decade after the GFC, dominant shopping centres remained a strong investment conviction for Henderson Park. We acquired Islazul, alongside other retail assets, during a 24-month period of exceptional capital markets dislocation, presenting the rare opportunity to secure a truly irreplaceable, market-leading property at yields rarely available. We enhanced our investment through active asset management including the introduction of flagship stores anchored by leading global brands, with a true alignment between owner and retailer and revisiting customer flows. From the outset, we anticipated the return of long-term strategic capital to the sector, beginning with best-in-class assets such as Islazul, as evidenced by this transaction.”
Ion Saralegui, CEO of Eurofund Group, added: "This transaction underscores the strength of our conviction in dominant retail destinations and validates the repositioning strategy we have executed at Islazul alongside Henderson Park. In just two years, we have delivered a comprehensive transformation of the asset, enhancing its tenant mix, sustainability credentials and long-term competitive positioning. Islazul continues to offer significant upside potential and is well positioned to consolidate its benchmark status both nationally and internationally, as evidenced by the recent achievement of BREEAM certification.”
Alfonso Brunet, CEO of Castellana Properties, commented: “Islazul is a prime urban asset with robust operational fundamentals, a highly established customer base and clear long-term value-creation potential. Our recent portfolio optimization, marked by the successful sale of our retail park portfolio, has strategically reinforced our market position and enabled us to invest in this strategic asset in line with our long-term strategy. Leveraging our proven active management model and the deep expertise of our team, we are uniquely positioned to accelerate the centre’s growth through innovative projects that deliver sustainable value for investors, operators, and the community.”
Under Henderson Park and Eurofund’s Group ownership, Islazul has become widely recognised as the most sustainable shopping centre in the world. It is the first shopping centre to achieve BREEAM “Outstanding” certification, reflecting a comprehensive ESG strategy that included the installation of solar panels, 100% renewable electricity usage in common areas, enhanced energy efficiency measures and advanced waste management systems. This sustainability-led repositioning further strengthened the asset’s institutional appeal and underpinned the transaction with Castellana Properties.
Henderson Park and Eurofund Group have been advised by Cushman & Wakefield, Ashurst, Deloitte and Optima Project.
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About Henderson Park
Henderson Park is a leading international real estate investment firm. Since its formation in 2016, the firm has invested over $14 billion in building a portfolio of flagship real estate assets, with a presence in major cities and capitals in the United States, UK, France, Germany, Greece, Ireland, Italy, Poland, Portugal, and Spain. Henderson Park seeks high quality assets in prime locations where it can identify the potential for unlocking or creating value through asset management and sustainability improvements, or by taking on and working in complex situations. The company’s current portfolio is diversified across various sectors such as multifamily, hospitality, student housing, logistics, office and retail. Henderson Park strives to work and build long-term strategic relationships with the best local partners.
Visit www.hendersonpark.com for more information.
About Eurofund Group
Eurofund Group is an investment, development, and real estate management group with over 30 years of experience in the market. It operates in Spain, Portugal, the United Kingdom, Germany, and Italy, and is structured into several business lines: Eurofund Retail and Living, which includes coliving spaces such as Tribu in London, and senior living projects under the Luana brand.
Among the company’s most significant projects are Puerto Venecia in Zaragoza—awarded Best Shopping Centre in the World at MAPIC 2013—the acquisition of UBBO (formerly Dolce Vita Tejo) in Lisbon, which was transformed into Portugal’s first shopping resort, and the purchase with Henderson Park of Silverburn, Glasgow’s leading shopping centre in the United Kingdom. In March 2024, Eurofund Group, in collaboration with strategic partners, acquired Islazul with Henderson Park, Madrid’s largest shopping centre and a pioneer in sustainability, which in 2025 obtained the highest rating within the BREEAM® certification framework.
In 2022, the company made its first entry into Italy with the acquisition of Parma Retail, in partnership with its strategic partner in the project, Signal Capital, to transform it into Parma Promenade—an asset it ultimately acquired in 2024. In July 2023, Eurofund Group further expanded its presence in Europe with the acquisition of Rhein Ruhr Zentrum in Mülheim, Germany, through a joint venture with strategic partners.
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