Intu to complete purchase of Xanadú shopping center for 520 million euros

By

Elena Campos Valladares

Translated by
Erin Floyd

Published
Mar 10, 2017

Intu will complete the Xanadú purchase for 520 million euros. The British fund already has the financing in place, according to Expansion, and is on the verge of announcing the deal, after having been the sole bidder for the Madrid property.

The Arroyomolinos shopping centre will be a historical landmark deal in the sector, which has seized the attention of the world of real estate investment in Spain over the past few years.

The sale amount surpasses both the 495 million paid by Deutsche Bank for Diagonal Mar in Barcelona and the 451 million that Intu itself paid for Puerto Venecia, located in Zaragoza.

The new owner of Xanadu, which is still owned by Ivanhoé Cambridge for the time being, is looking for a partner for a 50% stake. Intu has so far obtained financing from Santander, Crédit Agricole, CaixaBank and BBVA.

Xanadú accommodates more than 220 retail brands across its 178,000 square metres, and is located 27 kilometers from the capital. It receives 13.1 million visitors annually.

The British group, for which Spain is its second market, plans to invest over 3000 million in its Spanish developments in the coming years.