The joint administrators of Intu Group are pleased to confirm that Intu’s Spanish subsidiary has reached an agreement which will see Rivoli Asset Management acquire Intu’s 50% shareholding in the Xanadú shopping centre in Madrid in a transaction which values the shopping centre at circa €416m.
With over 117,000 sqm of gross leaseable area, Xanadú is one of Spain’s finest shopping centres, combining an extensive retail and leisure offering and a best-in-class food court. It comprises over 220 commercial properties for rent and its unique and varied leisure offering includes over 50 food and beverage establishments, a cinema complex, an aquarium and a Snowzone.
Headquartered in Madrid, Rivoli Asset Management supports investment funds with the management of office, logistics and residential portfolios across Spain. Since 2018 Rivoli has managed more than 90 assets valued at more than €1.7bn, spread across Madrid, Barcelona and Malaga. The acquisition was made through an investment participated by Private Wealth clients of Banco Santander (SPREA) led by Julián Crespo.
Jim Tucker, managing director at Interpath and joint administrator of Intu Group, said: “We are delighted to confirm that Intu Spain has reached this agreement with Rivoli Asset Management which sees them acquire a significant stake in one of Europe’s foremost shopping centres. The transaction has been over four years in the making as we and the Intu team have sought to stabilise the asset post-administration and post-pandemic, putting in place a strong financial platform before bringing Intu’s 50% shareholding to market and, ultimately, delivering a material return to Intu’s creditors.”
Jim Tucker added: “We’d like to extend our sincere thanks to all of the team on the ground at Xanadú and at Intu Spain for their tireless efforts and support throughout the administration process, including CBRE, West Oak Partners and Linklaters as advisers supporting this transaction. We would also like to thank the team at Rivoli and at Nuveen’s European Cities Fund as they take Xanadu forward as its new co-owners.”
Pablo Gómez-Almansa, Head of Acquisitions at Rivoli Asset Management, commented: “This acquisition not only strengthens our presence in the retail sector but also allows us to be part of the future of an asset with extraordinary potential. We are committed to maximising returns for our investors and continuing to attract the best operators in the market, ensuring sustainable growth and long-term success for the centre.”
Gonzalo Senra, Head of Retail at Rivoli Asset Management, added: “Investing in Xanadú is betting on a dynamic and constantly evolving asset. Its mix of commerce, leisure, and experiences makes it a unique destination in the south of Madrid. With our strategic vision and planned improvements, we aim to take Xanadú to the next level, consolidating it as the main reference for international brands and discerning visitors.”
Jim Tucker, David Pike and Mike Pink of Interpath are the joint administrators of Intu Group. Their lead real estate advisers comprised a team led by Paul Santos Robson, Senior Director of Retail in Iberia at CBRE, and Chris Gardener, MD CBRE Capital Markets Europe.
Garrigues acted as legal advisor and the technical advisors were Arcadis and GMD Consultoría on behalf of Rivoli, while West Oak Partners, along with Linklaters, advised the seller on the legal side.
