Re Joint Venture

Intu Properties plc - Re Joint Venture

PR Newswire

London, September 30

INTU PROPERTIES PLC AND CANADA PENSION PLAN INVESTMENT BOARD ANNOUNCE COMPLETION OF THE JOINT VENTURE FOR PUERTO VENECIA SHOPPING CENTRE

Intu Properties plc (“Intu”) and Canada Pension Plan Investment Board (“CPPIB”) – through its wholly-owned subsidiary, CPP Investment Board Europe S.à r.l. (“CPPIBE”) – announced on 2 June 2015 that they were forming a 50/50 joint venture for the €451m Puerto Venecia shopping centre in Zaragoza, Spain.

The closing of the transaction was subject to certain completion conditions, including regulatory approvals, which have now been met, and the transaction has therefore completed today.

Intu and CPPIB have worked together in Spain since the joint acquisition of the intu Asturias shopping centre in October 2013. Since the acquisition, intu Asturias has increased in value by over 35 per cent at 30 June 2015.

The transaction which completed today extends the partnership between Intu and CPPIB to include two of Spain's top ten shopping centres.

ENQUIRIES

CPPIB:

[email protected]

NOTES FOR EDITORS

Intu is the leading owner and manager of prime regional shopping centres in the UK.

A FTSE 100 company, Intu owns and operates many of the UK’s biggest and most popular retail and leisure destinations, including nine of the top 20, incorporating super-regional centres such as intu Trafford Centre, intu Lakeside and intu Metrocentre, together with a number of city centre locations from Watford to Newcastle.

With over 23 million sq. ft. of space hosting top UK and international retailers from Apple to Zara, Intu centres attract some 400 million customer visits from over half of the UK’s population every year.

Intu has a UK investment pipeline of £1.5 billion over the next ten years to add 2.6 million sq. ft. of new retail and leisure space, of which 1.7 million sq. ft. is already consented. Major projects due to be underway soon include the extension and refurbishment at intu Watford and the leisure expansion at intu Lakeside.

Intu also has a growing presence in the Spanish market, owning two of Spain’s top 10 centres: intu Asturias in Oviedo, and Puerto Venecia in Zaragoza, a development site in Málaga and development options on a further three sites in Valencia, Palma and Vigo.

Intu creates a compelling experience for its customers, both on and offline, delivering on its brand promise to provide the most digitally connected shopping centres, world-class service and events with a difference. National initiatives include the annual ‘Everyone’s Invited’ event which in 2014 increased footfall that weekend by an average of 13%. Our objective is for customers to come more often and stay for longer, in turn helping intu’s retailers to flourish.

With some 115,000 people employed at Intu’s centres in the UK, representing some 4% of the UK’s total retail workforce, Intu is fully committed to supporting its local communities and the wider environment and is proud to have received widespread recognition for its Corporate Responsibility achievements, including the coveted BitC CommunityMark.

For further information see www.intugroup.co.uk

About Canada Pension Plan Investment Board 

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2015, the CPP Fund totalled $268.6 billion. For more information about CPPIB, please visit www.cppib.com.