Ivanhoé Cambridge, the real estate arm of Caisse de dépôt et placement du Québec, is selling the company that owns Xanadú shopping centre in Madrid, Spain, as well as management companies associated with the centre and SnowZone operating company.

The buyer is Intu Properties, which owns shopping centres in Britain and Spain, and is for a total cash consideration of 530 million euros ($758 million). The centre itself, excluding the management company and SnowZone business, was externally valued on Feb. 1, 2017, at 526 million euros, according to a press release.

Read: Ivanhoé Cambridge invests $330M in Indian real estate

“The acquisition of Xanadú is an excellent addition to Intu’s growing portfolio of leading regional shopping centres in Spain, taking our ownership to three of the country’s top 10 centres and now including one in the country’s capital city,” said David Fischel, chief executive at Intu, in the release.

“We see a number of compelling opportunities to further enhance Xanadú’s status, such as improving the leisure and catering offering, with a Nickelodeon theme park and an aquarium due to open in 2017, and ensuring an enticing retail mix, which we believe will drive increased footfall and dwell time and ultimately improve rental levels and capital values.”

Read: Ivanhoé Cambridge appoints new leader of global retail arm

Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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