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Intu and TH Real Estate Announce the Creation of a New Joint Venture for Madrid Xanadú Shopping Centre
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated information required to be disclosed under
the laws of a Member State of the EU
PRESS RELEASE
30 MAY 2017
INTU PROPERTIES PLC AND TH REAL ESTATE ANNOUNCE THE CREATION OF A
NEW JOINT VENTURE FOR MADRID XANADÚ SHOPPING CENTRE
intu properties plc (‘intu’) 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
Xanadú shopping centre in Spain.
Madrid Xanadú shopping centre is the retail and leisure destination for the south-west of
Madrid and one of the top ten shopping centres in Spain. The centre, which opened in 2003,
has an annual footfall of 13 million customer visits and an annual net rental income of €23
million.
The centre provides around 220 retail, catering and leisure units. The two level retail mall
includes key retailers such as El Corte Ingles, all of the Inditex fascias, Primark, H&M, Apple
and Mango. In addition there is a strong leisure offering with SnowZone, Spain’s only indoor
ski slope, a 15 screen Cinesa cinema and Ilusiona bowling. This will be enhanced by an
aquarium and Nickelodeon indoor theme park which are under development.
intu acquired Madrid Xanadú in March 2017 stating at the time that it would look to introduce
an investment partner. TH Real Estate will acquire a 50 per cent interest in the joint venture,
which includes the centre and the SnowZone business but excludes the management
company, for a price of €264.4 million (50 per cent of the price paid by intu to entities of the
Ivanhoé Cambridge Group) before net debt, working capital and other adjustments. intu will
use the net proceeds of the transaction to repay debt on its revolving credit facility. The joint
venture arrangements provide that intu will continue to be the manager of the centre. The
closing of the transaction is subject to certain completion conditions including regulatory
approvals.
David Fischel, intu Chief executive, commented:
“We are pleased to announce our new partnership with TH Real Estate and we look forward
to working together on a number of compelling active management opportunities to enhance
and strengthen Madrid Xanadú’s market position and offering.”
ENQUIRIES
intu Properties plc
David Fischel Chief Executive +44 (0)20 7960 1207
Matthew Roberts Chief Financial Officer +44 (0)20 7960 1353
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA:
Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
ABOUT INTU
intu is the UK's leading owner, manager and developer of prime regional shopping centres
with a growing presence in Spain.
We are passionate about creating uniquely compelling experiences, in centre and online,
that attract customers, delivering enhanced footfall, dwell time and loyalty. This helps our
retailers flourish, driving occupancy and income growth.
We own many of the UK's largest and most popular retail destinations, including nine of the
top 20, with super regional centres such as intu Trafford Centre and intu Lakeside and
vibrant city centre locations from Newcastle to Watford.
We are focused on four strategic objectives: optimising the performance of our assets to
provide attractive long term total property returns, delivering our UK development pipeline to
add value to our portfolio, leveraging the strength of our brand and seizing the opportunity in
Spain to create a business of scale.
We are committed to our local communities, our centres support over 120,000 jobs
representing about 4% of the total UK retail workforce, and to operating with environmental
responsibility.
Our success creates value for our retailers, investors and the communities we serve.
JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited
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