ING Real Estate has sold its Alcala Magna shopping centre in Madrid into its ING Retail Property Partnership Southern Europe Fund for E130m (£99.6m).

ING revealed it would sell the shopping centre when it released its annual results last month. It announced the purchase of the 366,000 sq ft centre by its fund today at the MIPIM conference in Cannes.

The centre, which opened for business last October, is fully let to tenants including Zara, Berksha, Pull & Bear and H&M.

The purchase is the second by the fund in the last month. It follows the purchase of the Italian shopping centre Roma Est, which was bought in joint venture with CIC Real Estate for E400m (£305m).

ING fund manager Maria de Rivera said: ‘Retail property is continuing to perform well in a market that is underprovided.’

The ING Retail Property Partnership Southern Europe Fund has a target size of E1.2bn (£919m) of properties under management across Spain, Portugal and Italy.