Troubled British firm Intu Properties sold its stake in the asset
Spain’s Rivoli Asset Management acquired 50% of Madrid’s shopping mall Xanadú from troubled British Intu Properties on the ground of an above 400 million euros total asset value (see here El Economista).
Rivoli invested 200 million and became the mall’s even owner with US fund Nuveen. Intu is in receivership since June 2020.
CBRE, the vendor advisor, said that the asset manager led a club deal that a group of Banco Santander(Sprea) private wealth clients joined and real estate director Julián Crespo headed.
Rivoli retained Garrigues, Arcadis and GMD Consultoria. West Oak Partners and Linklaters assisted the vendors.
In 2017, Intu acquired the whole of Xanadù from Ivanhoe Cambridge Group for 530 million and later sold a 50% of the asset to Nuveen Real Estate.
The construction of Xanadú ended in 2003. The mall is of 153695 sqms.
Rivoli aims to expand in the retail sector. Pablo Gómez-Almansa is the firm’s managing partner for Acquisitions while Gonzalo Senra heads the Retail unit.
“This acquisition will allow us to take advantage of Xanadù future growth. We are committed to maximising returns for our investors and continuing to attract the best market players”, Gómez-Almansa said.
Paul Santos Robson, the head of CBRE Retail Iberia, added that this is ‘the most important deal in recent years in the shopping centre sector. It marks a milestone in the field, as it is a real trophy asset in Spain”.
