7th Oct 2013 10:01
LONDON (Alliance News) - Intu Properties PLC Monday said it has partnered with the Canada Pension Plan Investment Board to acquire the Parque Principado Shopping Centre in Oviedo, Spain, for an undisclosed sum.
The real estate investment trust (REIT) focused on shopping centre management and development said the 75,000-square-meter site is a prime regional retail destination for the Asturias region of northern Spain.
In addition to this acquisition, Intu said it has a site under option in Andalucia with 80,000 square meters of retail and leisure space and, as previously announced, has entered into arrangements with local retail development partner, Eurofund, for pre-development activity on this site and at two major sites under option, in Valencia and Vigo.
The firm said it wants to attract additional third-party capital to help fund its Spanish activities without diverting significant financial resources from its UK operations.
"In this context, we are actively investigating the creation of a special purpose investment vehicle for our Spanish activities, such as a Spanish REIT, following a number of recent regulatory improvements to this product," Intu said.
Intu shares were trading at 322.50 pence Monday morning, up 0.60 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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