Intu Properties has acquired the Xanadú shopping center from the Ivanhoé Cambridge Group, along with its associated management company and the SnowZone leisure company, which manages the only indoor ski slope in Spain. The British company will pay 530 million euros in cash for the center located in Arroyomolinos, in southwest Madrid.
To meet this investment, Intu has taken out a five-year, 263 million euro loan with Santander, BBVA, Credit Agricole and Caixabank. It also plans to introduce an investment partner and is currently negotiating with several candidates.
According to David Fischel, executive director of Intu, the acquisition of Xanadú is “an excellent addition to Intu's expanding portfolio”, which already owns three of the top ten centers in the country. Xanadú is the largest in the capital, and now joins Intu Asturias in Oviedo and Puerto Venecia in Zaragoza.
Fischel sees Xanadú’s market position as an attractive shopping and leisure destination, and says that "it fits well with our strategy of focusing on prime regional shopping centers in both the UK and Spain”. Its strategy includes the announcement of improvements in the leisure and catering offering, a Nickelodeon theme park and an aquarium due to open in 2017. Added to an enticing retail mix, this will drive increased footfall and dwell time and ultimately improve rental levels and capital values.
Xanadú receives 13 million visitors a year, and has over 4 million inhabitants within a radius of 30 minutes. Opened in 2003, it has around 220 premises with a commercial area of 153,000 square meters.
Last updated: 05|04|2017