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Contract Wins and Joint Ventures

Intu agrees JV for Madrid shopping centre

30 May 2017 07:36

intu properties and TH Real Estate – on behalf of its pan-European investment vehicle, the European Cities Fund – have agreed to form a joint venture to own Madrid Xanadu shopping centre in Spain.

intu said Madrid Xanadu shopping centre was the retail and leisure destination for the south-west of Madrid and one of the top ten shopping centres in Spain.

It said the centre, which opened in 2003, had an annual footfall of 13 million customer visits and an annual net rental income of €23 million.

intu acquired Madrid Xanadu in March stating at the time that it would look to introduce an investment partner.

TH Real Estate will acquire a 50% interest in the joint venture, which includes the centre and the SnowZone business but excludes the management company, for a price of €264.4m (50% of the price paid by intu to entities of the Ivanhoe Cambridge Group) before net debt, working capital and other adjustments.

intu said it would use the net proceeds of the transaction to repay debt on its revolving credit facility.

intu said it would continue to be the manager of the centre.

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