intu properties plc has completed the previously announced sale of its interest in the intu Puerto Venecia shopping centre in Spain to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH.
In December 2019, intu properties plc (‘intu’) and Canada Pension Plan Investment Board had agreed to sell the shopping centre for €475.3 million (intu share €237.7 million).
“We are pleased to have successfully concluded this transaction which is another important step in our ultimate strategic objective to fix the balance sheet over the medium term,” said Matthew Roberts, chief executive of intu.
intu Puerto Venecia is located in Zaragoza, Spain and is the regional retail and leisure destination for the Aragon region with an annual footfall of 19 million.