2nd Jun 2015 12:34
LONDON (Alliance News) - FTSE 100-listed shopping centre investor Intu Properties PLC Tuesday said it has formed a joint venture with Canada Pension Plan Investment Board for the Puerto Venecia shopping centre in Zaragoza in Spain.
The joint venture will complement the existing partnership Intu and the Canada Pension Plan have in Spain related to the Parque Principado shopping centre in Oviedo.
Intu acquired Puerto Venecia for EUR451 million in January and, under the terms of the joint venture, Canada Pension Plan will invest EUR225.4 million to acquire a 50% stake in the property.
"We are pleased to be extending our joint venture arrangements in Spain with CPPIB. 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," said David Fischel, Intu's chief executive.
Shares in Intu were down 1% to 330.6 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
INTU.L