Interpath, the administrator to failed retail REIT Intu, is to seek €225 mln in a fresh attempt to sell Intu's 50% stake in Xanadu.
Sources at Mipim said that the plan is to begin formally marketing the stake in the 120,000 m2 Madrid shopping centre in the next six weeks, in a move to take advantage of the continuing gradual improvement in liquidity for prime retail.
The price hoped for would value the entire centre at approximately €450 mln.
KPMG, which spun off its UK restructuring practice as Interpath Advisory in March 2021, appointed CBRE in 2020 to sell the stake. CBRE is thought to have been appointed again this time. The broker declined to comment.
Intu originally acquired the whole centre for €530 mln in 2017, selling a 50% stake to Nuveen Real Estate. Nuveen is not selling its stake.
The debt with a club of Spanish and French banks was refinanced by Interpath and Nuveen in 2022. As part of the recapitalisation, the two owners injected additional equity and Hong Kong group SC Lowry was reported to have provided mezzanine debt.
At about the same time, the administration of Intu's ownership was extended again to give breathing space for a better time to sell the investment.
The centre, to the south of the Spanish capital, has over 200 shops and an indoor ski slope and is one of the top malls in Spain.
