Intu acquires Spanish shopping centre
The Intu shopping centre group has acquired the Xanadú shopping centre in Madrid in Spain for €530 million.
The company has bought the centre, an associated management company and the SnowZone operating company from Ivanhoé Cambridge Group.
David Fischel, Intu chief executive, said: “The acquisition of Xanadú is an excellent addition to Intu’s growing portfolio of leading regional shopping centres in Spain, taking our ownership to three of the country’s top ten centres and now including one in the country’s capital city.
“Xanadú’s market position as an attractive shopping and leisure destination covering a major sector of Madrid fits well with our strategy of focusing on prime regional shopping centres in both the UK and Spain.”
Situated in the south-west area of Madrid, Xanadú has a core catchment of 1.2 million people.
Intu said it is planning to improve the leisure and catering offering at Xanadú and ensure that it has an enticing retail mix. A Nickelodeon theme park and an aquarium are set to open at the centre in 2017.
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