Chaning date and time (2016-02-25T08:16:22Z) to a more readable format

I'm using an XML data feed to bring in some RSS feed data into excel.

The date and time format are text and displayed like this:

2016-02-25T08:16:22Z

What I'm really looking for is a way to best display in the format:

dd-mm-yyyy HH:MM

Which would look like this:

25-02-2016 08:16

I've had a quick play with the custom number setting but haven't been successful. What's the best way to do this, keeping in mind that the XML data will refresh so it's probably not so practical to add in another column with formulas.

Thanks!!!

Or try this...
=TEXT(LEFT(A1,10)+MID(A1,12,8),"dd-mm-yyyy HH:MM")