Intu Xanadú should reach the market in August

Intu Xanadú should reach the market in August

The reason for this impediment is a clause agreed with Nuveen Real Estate, the asset’s other owner with 50%, which should expire in less than 2 weeks. Intu properties and its representative KPMG will be able to start negotiations for the asset in August, revealed Merca2.

The truth is that this deal did not prevent investors from showing their interest on the asset. South Korean fund Samsung SRA was one of them and, according to Eje Prime, the offers will be between 175 and 200 million euro, less than the 270 million euro estimated last year.

Intu Properties advanced with collective insolvency proceedings on the last Friday of June, after having been unable to reach an agreement with the banks it owed more than 5 billion euro to.

The company also owns one other asset in Spain: mega-project intu Costa del Sol, next to Eurofund, which also started negotiations to buy intu’s share. The financial situation had already led the company to sell the other 2 shopping centres it owned in the country at the beginning of the year: intu Asturias for 290 million euro and Puerto Venecia for 475 million euro. Nevertheless, the liquidity generated by these operations was insufficient to avoid the company’s collapse.

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