31 May 2017 – Europa Press
The British firm Intu has sold 50% of the Xanadú shopping centre, located in the Madrilenian town of Arroyomolinos, to TH Real Estate for €264.4 million. That figure represents 50% of the price that Intu paid to the Canadian group Ivanhoé Cambridge for the whole establishment back in March.
In this way, Intu and TH Real Estate are creating a joint venture to manage the ownership of the shopping centre, including the Snowzone, the only indoor ski slope in Spain, according to a statement issued by the British firm. Cushman & Wakefield introduced and advised TH Real Estate as a partner to Intu in the creation of that joint venture.
“We are delighted to announce our new partnership with TH Real Estate and we look forward to working together on a series of active management opportunities to improve and strengthen the position and offering of Madrid Xanadú”, said the CEO of Intu, David Fischel.
Xanadú, which has an occupancy rate of 97%, is currently home to more than 220 stores. Its tenants include Inditex, El Corte Inglés and Primark, and it has a gross leasable area (GLA) of 153,000 m2 plus 8,000 parking spaces.
The shopping centre, which receives 13 million visitors per year, has a clear focus on leisure, given that its facilities include the only indoor ski slope in Spain, 15 cinema screens, a bowling alley and almost 40 restaurants. It also plans to open an Aquarium and a Nickelodeon centre this year.
The aim of the British firm, which is now working hand in hand with its partner, is to transform the centre into the resort of choice in the area. It plans to renew the offering, revitalise the space, undertake a digital transformation, as well as invest in the image, all with the aim of converting the centre into an attractive tourist destination where visitors can spend their leisure and free time.
Original story: Europa Press
Translation: Carmel Drake