Spanish listed property company Realia has sold its interest in La Vaguada shopping centre in Madrid to department store chain El Corte Ingles. The investment volume of around EUR 50 mln represents a 3.5% premium to the asset's latest appraised value.

In a statement to the Spanish stock exchange regulator on Wednesday, Realia said the deal generates nearly EUR 39 mln in capital gains. Realia owned the interest through its Hermanos Revilla unit, which is 41%-controlled by Realia and 69%-owned by the Revilla family.

El Corte Ingles occupies the 19,000 m2 acquired retail unit, which represents roughly 21% of the entire shopping centre. The deal also involves 630 parking spaces.

La Vaguada - the first shopping centre to open in Madrid - has been part of Realia's portfolio since 1993. Located in the Pilar district of the Spanish capital, the centre attracts over 25 million visitors every year and offers 85,500 m2 of total retail space on three floors, as well as 3,600 parking spaces.