Intu Properties JV sells Spanish shopping centre for EUR290m
By Michele Maatouk
Date: Tuesday 28 Jan 2020
(Sharecast News) - Intu Properties said on Tuesday that a joint venture between it and the the Canada Pension Plan Investment Board has exchanged contracts to sell the Intu Asturias shopping centre for €290m.
The shopping centre, which is located in Oviedo, Spain, is being sold to the ECE European Prime Shopping Centre Fund II.
Into said the deal is part of its strategy to fix the balance sheet and will deliver net proceeds of around €85m after repaying asset-level debt, working capital adjustments and taxation. The proceeds will be used to repay debt with the transaction reducing loan to value by around 1%.
Chief executive Matthew Roberts said: "We are pleased to have successfully agreed our second disposal in Spain in the last month. Our number one priority is fixing the balance sheet which includes creating liquidity through disposals.
"This transaction, which along with the disposal of Intu Puerto Venecia, the part-disposal of Intu Derby and other sundry asset sales brings our total disposals since the start of 2019 to nearly £600 million."
The deal is expected to complete in the next week.
At 0910 GMT, the shares were up 0.3% at 18.84p.
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