Intu bids for Xanadu
Published: 01 February, 2017
Madrid megamall latest acquisition for growing Spanish business
Intu Properties has confirmed it is in talks to buy the Xanadu shopping centre in Madrid. In a Stock Exchange announcement it said: “intu confirms it has entered into an exclusivity agreement with entities of the Ivanhoé Cambridge Group to acquire the centre. The transaction would be funded from a combination of bank financing and existing facilities. At this time there is no certainty that this transaction will complete and a further announcement will be made as and when appropriate.”
Developed in 2003 by the Mills Corporation, Xanadu provides 220 units totalling 1.2 million sq ft including an El Corte Ingles department store, Hipercor hypermarket, a 15-screen multiplex and an indoor ski slope.
Intu already owns the Puerto Venecia centre in Zaragoza, Parque Principado in Oviedo and is developing intu Costa del Sol in Torremolinos. It also owns development sites in Valencia, Vigo and Palma de Mallorca.