Canadian real estate giant Ivanhoé Cambridge is selling Xanadú Arroyomolinos (Madrid) shopping centre, one of the largest shopping centers in Spain, with the hope to close the transaction in the H1 of 2017. It is expected that the transaction will be closed for more than €500m, a new record for the transaction of a shopping centre in Spain.
Madrid Xanadú opened in 2003, a joint venture of the US multinational The Mills Corporation and PGC (Parcelatoria Gonzalo Chacón), which a year later sold the stake to its American partner. The real estate company Ivanhoé Cambridge acquired the center in 2007 for €770m, in a deal that included two other shopping complexes in the UK and Canada.
29 kilometers from the Madrid city centre, Xanadú was an innovation for more than a decade, due to the integration of an artificial ski slope, open all year round. With a 152,000m² GLA , second only to Puerto Venecia (Zaragoza), Marineda City (A Coruña) and Parquesur (Leganes, Madrid), according to the Spanish Association of Shopping Centres and Malls (AECC). The shopping centre houses big name retailers such as the Inditex Group stores (Zara, Pull & Bear, and Bershka), as well as H&M, Apple and Primark.
Ivanhoé Cambridge uses US real estate broker Eastdil Secured to manage the sales process. Potential buyers will be looked for between October and November.
The firm Eastdil Secured is responsible for selling the Diagonal Mar shopping centre in Barcelona for €500m to the Deutsche Bank, a record operation that has demonstrated newfound investor confidence in the economic recovery of Spain after the crisis in 2008.
Various sources disagree about the possible price of this asset, but estimates range from €450m to over €500m. The mall has become one of the largest in the country, with the presence of large commercial operators as well as a large entertainment area - however, unlike Diagonal Mar, it is far from the city centre.
