Rivoli Asset Management has bought the 50% stake in the Xanadú shopping centre, in Madrid, still held by the US asset manager Nuveen for around €250 million, according to a report by Expansión. The transaction makes the Spanish firm the sole owner of the shopping centre, having acquired the stake previously held by Intu Properties in February 2025.
That initial transaction, valued at around €200 million, enabled Rivoli to acquire a stake in the asset as a co-owner alongside Nuveen, which retained the other half. The acquisition of that stake now brings the total investment required to secure 100% ownership of the complex in less than two years to approximately €450 million.
The purchase builds on the activity the fund manager has undertaken in recent years in the Spanish shopping centre market, where it has also been involved in transactions such as the acquisitions of Moraleja Green, in Alcobendas, and Ballonti, in Portugalete, drawing on capital from Banco Santander’s private banking clients.
Located in Arroyomolinos, Madrid Xanadú is one of the Community of Madrid’s leading retail assets in terms of floor space, retail offering and leisure facilities. The complex is home to more than 200 shops and features Madrid SnowZone, the indoor snow slope that serves as one of its key distinguishing features.
Rivoli’s acquisition of the asset came at a time when investment in shopping centres was recovering, following several years characterised by reduced liquidity in the sector. With Nuveen’s exit, ownership is no longer split between two investors and is now concentrated in the hands of the Spanish management company.
