Intu prepares to pay 500 million for the Xanadú shopping centre

Intu are to present the highest offer for the purchase of the Xanadú shopping centre, ready to pay about 500 million euros to become the new owner of this asset situated in the Madrid district of Arroyomolinos.

This value has been indicated by several market sources as the sale price set out by the three societies which control the centre, assuming an initial profitability of about 4%; which, if it came to be, would be a record amount for the Spanish market and an example of the intense interest that investors have in this kind of asset.

If this business deal is successful, it will surpass the 450 million euros paid just a few months ago by the Deutsche Bank for the purchase of the Diagonal Mar shopping centre in Barcelona, considered until now to be the biggest investment deal in shopping centres in the Spanish market.  

Inaugurated in May, 2003, the Xanadú shopping centre is held by the Canadian group Ivanhoe Cambridge, the real estate arm of one of the largest institutional funds in Canada, the Caisse de Dépôt et placement du Québec. The present owner acquired it in 2006 from Mills Corporation, as part of a portfolio which included two other centres in Canada and in Scotland, for a global value of 770 million euros.