This new joint venture complements the existing partnership Intu and CPPIB have in Spain through the Parque Principado shopping centre in Oviedo.
Intu Properties plc (“Intu”) and Canada Pension Plan Investment Board (“CPPIB”) – through its wholly-owned subsidiary, CPPIB Europe S.à r.l. (“CPPIBE”) – are forming a joint venture to jointly own Puerto Venecia shopping centre in Zaragoza, Spain.
David Fischel, Chief Executive of Intu, commented:
“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.”
Andrea Orlandi, Managing Director, Head of Real Estate Investments Europe, CPPIB, commented:
“This joint venture is an opportunity to increase our presence in the Spanish retail market, and is in line with our global strategy to build relationships with aligned, well-respected partners. Puerto Venecia is a high quality asset and is the pre-eminent centre in its catchment. It provides a great complement to our existing portfolio of retail assets across Europe, and we look forward to further building our relationship with Intu through this transaction.”