Property News - Lend Lease quits Madrid

Lend Lease has sold its 50 per cent interest in Paseo Comercial Carlos III, the company that owns the TresAguas shopping centre in Madrid, to Spanish property company Metrovacesa, for EUR28 million (£19.5 million). Paseo Comercial, which opened TresAguas in September 2002, is 50 per cent owned by the Spanish Group Alonso. TresAguas was Lend Lease's first scheme in mainland Europe, and features 150 retail units plus Spain's largest bowling alley.