Parques Reunidos to Spend €15M on new Lionsgate Leisure Centre in Madrid

31 January 2018 – Eje Prime

Parques Reunidos is strengthening its commitment to forming alliances with multinational brands to open new leisure spaces in Spain. The latest company that the group has created is the film production company Lionsgate, with which it is going to develop an indoor activity centre in Madrid. Investment in the project will reach €15 million in total and the inauguration of the centre is expected to take place at the beginning of 2020.

Located next to Príncipe Pío station, the centre will have a surface area of 4,200 m2 and will house an obstacle course, a climbing wall, a state-of-the-art movement simulator, a 4D cinema and various virtual reality experiences, according to Expansión.

Similarly, a restaurant and cafeteria will be installed in the space, which will operate independently of the centre and which will not charge an entry fee.

This alliance between Parque Reunidos and producer of films such as The Hunger Games and the series Mad Men, follows several that it has signed in the past with other multinationals such as Ducati and Nickelodeon.

The group’s roadmap establishes the opening of half a dozen more centres of this kind over the next few years, with an average investment equal to the amount being spent on the Lionsgate space.

Original story: Eje Prime

Translation: Carmel Drake

Nickelodeon Opens First Entertainment Space In Thader Shopping Centre

18 May 2017 – La Verdad

Parques Reunidos, Viacom International Media Networks and Metrovacesa have reached a strategic agreement to build leisure parks with Nickelodeon characters in shopping centres. In this way, the first one will be opened by Metrovacesa in 2017 in the Thader shopping centre.

This new agreement expands the current relationship between Parques Reuindos and VIMN following the success of Nickelodeon Land at the Amusement Park in Madrid and NickLand in Movie Park Germany. It also represents the first incursion by Parques Reunidos and Nickelodeon into the Mall Entertainment Centres (MEC) business.

Thanks to this collaboration, which combines the experience of Parques Reunidos and the brand recognition of Nickelodeon, the development of this new concept of leisure parks in shopping centres is already in advanced negotiations in several countries in Europe such as the United Kingdom, France, Italy and Portugal, as well as Murcia.

The new theme park in Murcia will have a surface area of approximately 5,000 m2 and will be equipped with interactive attractions, an adventure zone, an area for toddlers, a driving school and themed Nickelodeon rooms, ideal for holding birthday parties and family get-togethers.

Children and their families will be able to enjoy all of the theming and attractions, as well as have the opportunity to get to know some of the most well-known and loved Nickelodeon characters, such as Sponge Bob Square Pants, Dora the Explorer, the Ninja Turtles, Paw Patrol and The Fairly Oddparents. In addition, the centre will have a restaurant area and a store selling Nickelodeon products.

Fernando Eiroa, CEO of Parque Reunidos, said that he was convinced that “the magic of Nickelodeon, and the innovation and uniqueness of this new space will make it an important focus of attraction for local residents, not only in Murcia but also in its area of influence, replicating the success we have achieved with Nickelodeon Land at the Amusement Park in Madrid and NickLand at Movie Park Germany”.

“The objective of Nickelodeon is to have a presence wherever there are children, and so we are very pleased with the opportunity to diversify our portfolio, extend the Nickelodeon brand and bring our characters to life through these new family entertainment centres”, explained Gerald Raines, Senior Vice President of Global Recreation for Viacom International Media Networks.

Meanwhile, Manuel Gil, Senior Vice President and General Manager for Spain, admitted that he was excited to see how Nickelodeon, the entertainment brand for children and families “is continuing to expand its global business with the opening of its first leisure park in a shopping centre in Spain”.

Pedro Cortés, Director General of Strategy and Corporate Development of Parques Reunidos, said that “this is the first step of an ambitious and promising strategic growth project for the company, which will continue soon with important agreements to build leisure parks together with the main shopping centre companies in the main countries in Europe”.

In the words of the Director of Real Estate at Metrovacesa, Jesús Vicente, “this is a very important step in the strategy to strengthen the leisure offering in our shopping centre portfolio, with a differential product, in partnership with innovative partners who are leaders at the global level, which will allow Thader to serve as a benchmark for family leisure in the Community of Murcia”.

Original story: La Verdad

Translation: Carmel Drake

British Fund Intu Finalises Purchase Of Xanadú For c. €520M

10 March 2017 – Expansión

The British private equity fund Intu is finalising the completion of a record deal in the Spanish real estate market with the purchase of the Xanadú shopping centre (in Arroyomolinos, Madrid) from Ivanhoé Cambridge for around €520 million, according to market sources.

The purchase – which the fund has been negotiating in exclusivity since January – will represent the largest operation involving a shopping centre in the history of the Spanish market, whereby exceeding the €495 million that Deutsche Bank paid for Diagonal Mar (Barcelona) last August, the €451 million that Intu paid for Puerto Venecia (Zaragoza) and the €375 million that Klépierre paid for Plenilunio (Madrid).

CBRE and the law firm Clifford Chance have advised Intu during the operation, whilst Eastdil has advised Ivanhoé, which bought Xanadú from the Mills Corporation in 2006, along with two other shopping centres, one in Canada – Vaughan Mills (Ontario) and one in Scotland – Saint Enoch (Glasgow) – for a combined value of around €770 million.

The operation will be financed by Santander, Crédit Agricole, CaixaBank and BBVA with a loan to value (percentage value of the asset that is covered by the loan) of 40%.

In parallel, Intu is looking for a partner to whom to transfer 50% of the share capital in Madrid Xanadú 2003, the company that owns the shopping centre. Market sources point to the Canadian fund CPPIB as a possible ally. Both firms are already partners in two other Spanish shopping centres owned by Intu: Puerto Venecia (Zaragoza) and Parque Principado (Asturias).

One of the other candidates interested in acquiring the asset was TH Real Estate, but it was pipped at the post a few months ago by Intu, as revealed by Expansión on 31 January.

With this operation, Intu, which has plans to develop new shopping centres in Málaga, Valencia, Mallorca and Vigo, is strengthening its position in Spain and picking up one of the trophy shopping centres in Madrid to boot.

The shopping centre, constructed in 2003, has a total surface area of 153,695 m2 spread over two levels and 220 stores. Its tenants include Inditex, El Corte Inglés, Hipercor, Bricor, Decathlon, Primark and Apple.

Xanadú Madrid receives almost 13 million visitors per year and generates sales of around €230 million.

The shopping centre houses an indoor ski area – the only one in Spain and the largest in Europe – covering around 18,000 m2, as well as 15 cinema screens, a mini-golf course, a mini theme park, themed restaurants and a bowling alley.

In addition, Ivanhoé signed an agreement with Parques Reunidos last summer to construct an aquarium in Madrid Xanadú. Both companies reached an agreement with Viacom International Media Networks, a division of Viacom, to construct a theme park based on Nickelodeon characters in Xanadú.

Original story: Expansión (by R. Arroyo and R. Casado)

Translation: Carmel Drake