Intu negotiates the purchase of 50% of Xanadú with TH Real Estate

Intu is in negotiation for the sale of 50% of the  Xanadú shopping centre, in Madrid, with TH Real Estate, after having bought the centre from Ivanhoe Cambridge in March for 530 million euros, the biggest shopping centre transaction in the Spanish market on record. 

According to Spanish Real Estate, the purchase of  Xanadú by Intu was partially financed through a five year credit facility with Santander, BBVA, Credit Agricole and CaixaBank for a sum of 263million  euros. Intu used their own funds to complete the rest of the investment. 

The shopping centre, excluding the managing society and Snowzone, was valued in February this year at 526 million euros, representing a net initial income of 4.4%. This asset drew interest from several investors, although only Intu and TH Real Estate reached the final stages, and the latter is now an ally in the agreement.