Northwood enters the race for Intu Xanadú

Northwood enters the race for Intu Xanadú

Photo Collected From Google Maps

As advanced by news agency Bloomberg, it was only in September that the negotiations for this 153.000 sqm shopping centre took on a definitive stance, since up until then, Nuveen Real Estate, owner of intu Xanadú’s remaining 50%, could have made use of its preferred purchasing right.

Market sources close to the process advanced to elEconomista that opportunistic fund Northwood might also present a bid for the purchase of this Madrid shopping centre from consultant CBRE, which is in charge of the process. Another player which had also shown interest in this asset was South Korean fund Samsung SRA.

The numbers presented are not yet known, but experts heard by the same newspaper, believe that 50% of intu Xanadú should now be worth around 200 million euro. 

In 2017 British intu concluded the acquisition of this shopping centre for 530 million euro from Ivanhoé Cambridge. Months later, Nuveen Real Estate bought 50% of the shopping centre for 264 million euro.

However, in June 2020, the British company started its insolvency procedure for failing to reach an agreement on the payment of its 5 billion euro debt with banks.

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