intu sells Puerto Venecia

Zaragoza centre sold to Generali Shopping Centre Fund

intu properties plc and Canada Pension Plan Investment Board have exchanged contracts to sell intu Puerto Venecia shopping centre to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH for €475.3m, which will be split equally between the two parties.

intu Puerto Venecia is located in Zaragoza, Spain and is the regional retail and leisure destination for the Aragon region with an annual footfall of 19m.

The closing of the transaction is subject to certain completion conditions, including regulatory approvals, and is expected to complete in early 2020.

Matthew Roberts, chief executive of intu, commented: “We are pleased to have successfully concluded this transaction and, as previously discussed, are at advanced stages of negotiations on the disposal of intu Asturias in Northern Spain. As we announced at the interim results in July, our number one priority is fixing the balance sheet which includes creating liquidity through disposals. This transaction, which along with the part-disposal of intu Derby and other sundry asset sales in 2019 brings the year to date disposals total to £479 million.”

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