Intu Properties welcomes 50% investor for Spanish shopping centre
Intu Properties is once again partnering with Canada Pension Plan Investment Board (CPPIB) to form a joint venture to share ownership of Puerto Venecia shopping centre in Zaragoza, Spain.
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CPPIB will pay €225.4m to acquire a 50% interest in the property, which Intu purchased at the beginning of the year for €451m.
Intu chief executive David Fischel said: "The funds generated from this transaction will be available to further Intu's Spanish activities, where we have recently exercised our option to acquire a site in Malaga for a major shopping resort development."
The two companies already have a partnership in the country through the Parque Principado shopping centre in Oviedo.
Puerto Venecia shopping centre is the leading regional retail and leisure destination for the Aragon and surrounding regions in north east Spain and is one of the country's top 10 shopping centres. It has an expected footfall in 2015 of 18m customer visits.