The South Korean fund Samsung SRA has offered to buy 50 percent of the Madrid Xanadú shopping center from Intu Properties, which is in bankruptcy proceedings. Intu Properties is struggling with €5bn, spurring attempts to sell stakes in its shopping centers in Madrid and Malaga.
Samsung SRA submitted a non-binding offer in order to be allowed to visit the property. Intu valued the shopping complex at €540m in Q4 of 2019 and has so far received offers for Xanadu in the range of €175m and €200m suggesting the bidders are already factoring in the impact of the Covid-19 crisis into their pricing.
Intu Xanadú has more than 46,000 sqm of GLA, 220 stores and 8,000 parking spaces. As recently as October, the owner had announced its intention to carry out an €18 renovation of the mall’s common areas. The other half of Intu Xanadu is owned by Nuveen.
