Intu buys 800,000 sq ft Spanish shopping mall
Shopping centre operator Intu has entered into a joint partnership agreement with Canada Pension Plan Investment Board to acquire the Parque Principado Shopping Centre, Oveido in Spain.
The 800,000 sq ft development in Asturias in Northern Spain is one of the country’s top-ranked retail destinations with an annual footfall of 9 million.
Anchored by Primark, Zara, H&M, Cortefiel, C&A, Mango and Eroski, the shopping centre has 156 retail units as well as a 20 resturants, a 12 screen cinema and bowling alley.
The purchase price for the acquisition is €162 million before transaction costs. Intu will undertake the asset management of the property.
David Fischel, chief executive of Intu, said: “The opportunity to acquire Parque Principado, a top ten centre in Spain, on attractive and earnings accretive terms firmly establishes our presence on the ground in a country where we see considerable growth opportunities in the regional shopping centre industry.”
