Intu Properties on road to acquire Xanadu in Madrid

FTSE 100-listed shopping centre owner Intu Properties has confirmed it was in exclusive talks regarding the potential acquisition of Xanadu shopping centre in Madrid.

Following press speculation, Intu said it had signed an exclusivity agreement with the Ivanhoé Cambridge Group to acquire the centre, which transaction it said would be funded from a combination of bank financing and existing facilities.

"At this time there is no certainty that this transaction will complete and a further announcement will be made as and when appropriate," Intu said.