Intu Properties plc completed contracts with entities of the Ivanhoé Cambridge Group to acquire Xanadú shopping center.Xanadú is the retail and leisure destination for the southwest of Madrid and one of the top ten shopping centers in Spain. It has a yearly footfall of 13 million visits, with a catchment area of 1.2 million people and additional potential from over 4 million people living within a 30 minute drive time.
The center was opened in 2003 and provides around 220 units with a trading area of 153,000 square meters, around 8,000 car park spaces. A retail shopping mall has two levels, including all the major retailers: El Corte Ingles, all of the Inditex fascias, H&M, Primark, Apple and Mango
Xanadu offers a great leisure segment including SnowZone, Spain’s only indoor ski slope, a 15 screen Cinesa cinema and Ilusiona bowling. This will be improved by an aquarium and Nickelodeon theme park opening in 2017. In the center located two big box units let to BriCor and Decathlon.
The center was taken along with its management company and the SnowZone operating firm, for a total cash consideration of €530 million, ahead of working capital and other adjustments. The center itself, excluding the management organization and SnowZone firm, was externally valued on 1 February 2017 at €526 million, which outlines an initial yield for the center of 4.3 per cent based on its yearly net rental income of €23 million.
The transaction involves acquiring approximately 119,000 square meters of the scheme, with the remaining area owner occupied by El Corte Ingles.
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13 MARCH 2017, Spain