Intu buys Xanadú for 520 million

Intu buys Xanadú for 520 million

This acquisition is the biggest shopping centre transaction in the history of the Spanish market, ahead of the 495 million that Deutsche Bank paid for Diagonal Mar (Barcelona) last August, the 451 million that Intu paid for Intu for Puerto Venecia (Zaragoza), and the 375 million from Klépierre for Plenilunio (Madrid).

CBRE and Linklaters were the consultants in this transaction for Intu, while Eastdil and the lawyers Clifford Chance were for Ivanhoé, which Xanadú bought in 2006 from the Mills Corporation. The transaction will be financed by Santander, Crédit Agricole, CaixaBank and BBVA, with a loan to value of 40%.

At the same time, Expansión points out that Intu is looking for a partner who will grant 50% of the capital of Madrid Xanadú 2003, the company owning the shopping centre. Market sources indicate the Canadian fund CPPIB as a possible partner. Both are partners in other Intu shopping centres; Puerto Venecia (Zaragoza) and Parque Principado (Asturias).

The shopping centre, built in 2003, has a total surface area of 153,695 square metres on two levels and a total of 220 shops. Among the tenants are Inditex, El Corte Inglés, Hipercor, Bricor, Decathlon, Primark and Apple.

Xanadú Madrid has about 13 million visitors a year and generates sales of about 230 million euros.

The shopping centre also has a covered interior ski stadium – the only in Spain and the biggest in Europe  - with an area of 18,000 square metros, 15 cinemas, mini-golf, a mini theme park, themed restaurants and bowling alley.

In addition, Ivanhoé reached an agreement this summer with Parques Reunidos to build an aquarium in Madrid Xanadú. Both companies came to an agreement with Viacom International Media Networks, a division of Viacom, to develop a leisure centre with personalities from Nickelodeon in Xanadú.

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