CBRE IM adds Parque Corredor to Madrid retail portfolio

CBRE IM, acting on behalf of a fund within its Direct Real Estate Strategies division, has acquired the Parque Corredor shopping centre from Redevco and Ares. 

Parque Corredor

This major regional shopping centre is located in the eastern Madrid metropolitan area of Spain. Parque Corredor, originally opened in 1995 and completely renovated in 2021, boasts approximately 123,000 m2 of gross leasable area. It is a leading retail destination with key tenants like Primark, Zara, IKEA, Alcampo, and MediaMarkt. The centre features a diverse tenant mix including fashion, food and beverage, everyday services, and entertainment options, such as a renovated Yelmo cinema and a large food court.
Strategically positioned in the developing area between Madrid and Guadalajara, the shopping centre benefits from excellent transport links and a large local population of over 800,000 residents within a 20-minute drive. With over 10 million visitors annually, Parque Corredor is experiencing a steady recovery in foot traffic after the pandemic, with numbers expected to exceed pre-COVID levels due to proactive management initiatives. The shopping centre has seen significant recent investment and boasts strong sustainability credentials, including improved energy efficiency, enhanced public spaces and accessibility, and future possibilities for solar panel installation and green infrastructure.
Antonio Simontalero, portfolio manager at CBRE IM, said:“This acquisition reflects our continued confidence in the resilience of dominant regional retail destinations that combine strong fundamentals, active asset management potential and excellent sustainability credentials. Parque Corredor stands out due to its scale, tenant mix, and refurbishment quality, offering an attractive long-term investment that aligns with our fund strategy.”
Antonio Roncero, head of Transactions Iberia at CBRE IM, added: “Spain is one of Europe’s most liquid markets and this asset stands out as a market leader in its catchment. This was a rare opportunity to acquire a dominant shopping centre in a tier-one city with a strong tenant mix, compelling base-case returns and the potential to unlock significant additional value.”
CBRE IM received guidance from RPE, EY, Linklaters, CBRE, and JLL during the acquisition. Redevco and Ares were advised by Cushman & Wakefield, Pérez Llorca, Optima, and Garrigues.