Nuveen RE joins Blackwall to acquire Intu Xanadú

Nuveen RE joins Blackwall to acquire Intu Xanadú

Market sources reported that the shopping centre’s negotiation is exclusive and being advised by CBRE, revealed Eje Prime. The numbers on the table should be between 175 and 200 million euro, less than half of the 540 million euro estimated to be the value of this shopping centre at the end of 2019.

The race for Intu Xanadú took off in mid-July and has other participants such as fund Northwood and South Korean fund Samsung SR. But it was only in September that this asset started to be officially marketed, since September was the month, when the Nuveen RE contractual clause that prevented it from selling, expired.

This asset arrived on the market after British intu started an insolvency proceeding in June due to the lack of an agreement to pay its 5 billion euro debt to the banks.

May 2017, Nuveen RE now controlled 50% of the shopping centre, a few months after Intu having acquired the asset from Ivanhoé Cambrigde for around 530 million euro. This operation, carried out by its vehicle TH Real Estate was worth 264 million euro.

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