Xanadú for sale

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bankruptcy
Image credit: Unsplash

AS previously reported, British developer Intu Properties has been placed into Administration (a form of bankruptcy) and as expected, liquidator KPMG has instructed a Spanish agency to try to find a buyer for its 50 per stake in Madrid shopping centre Xanadú.

It was as recently as 2017 that Intu purchased the centre for €530 million and then quickly sold half to Nuveen Real Estate Fund and last year it managed to sell its Zaragoza shopping centre and pulled out of a planned development in Torremolinos.

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