CBRE Investment Management Acquires Parque Corredor Shopping Centre in Madrid

CBRE Investment Management (“CBRE IM”), on behalf of a fund sponsored by the firm’s Direct Real Estate Strategies division, has acquired Parque Corredor, a leading regional shopping centre located in the eastern metropolitan area of Madrid, Spain from Redevco and Ares.

Originally opened in 1995 and fully refurbished in 2021, Parque Corredor is a dominant retail destination comprising approximately 123,000 sq m of gross lettable area and anchored by top-tier tenants including Primark, Zara, IKEA, Alcampo and MediaMarkt. The centre benefits from a strong tenant mix across fashion, F&B, convenience and entertainment, including a recently renovated Yelmo cinema and an expansive food court.

Strategically situated in the growing corridor between Madrid and Guadalajara, the asset is well connected and has a strong catchment of over 800,000 residents within a 20-minute drive. With over 10 million annual visitors, footfall has been steadily recovering post-pandemic and is expected to surpass pre-COVID levels, driven by active asset management initiatives.

Parque Corredor is notable for its recent capital investment and sustainability credentials, including improvements to energy efficiency, enhanced public realm and accessibility, and future opportunities for solar panel installation and green infrastructure.

Antonio Simontalero, Portfolio Manager at CBRE Investment Management, 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 Investment Management, 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 was advised by RPE, EY, Linklaters, CBRE and JLL. Redevco and Ares were advised by Cushman Wakefield, Pérez Llorca, Optima and Garrigues.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $155.3 billion in assets under management* as of June 30, 2025, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.