British retail giant’s gamble pays off for Spain expansion

LAST UPDATED: 4 Sep, 2015 @ 20:50
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Intu, owners of Manchester’s Trafford Centre and Lakeside in Essex, boasts a €13 billion property-portfolio
Intu, owners of Manchester’s Trafford Centre and Lakeside in Essex, boasts a €13 billion property-portfolio

A BRITISH retail giant is set for further expansion into Spain, after a property gamble paid off handsomely.

Intu, owners of Manchester’s Trafford Centre and Lakeside in Essex, boasts a €13 billion property-portfolio, after gambling on Spain’s market 12 months ago.

The company acquired the Puerto Venecia in Zaragoza for a mouth-watering €450.8m last year.

With interest peaking in Spain, the company also purchased a site on the Costa del Sol – close to Malaga – where it is building a new retail centre.

A spokesman said: “We are always looking to grow the Intu brand. Be that in the acquisition of property or by setting up new centres.

“We hope to become a major player across Europe.”

The company, which was previously called Capital Shopping Centres, said that retailers were now targeting larger stores in prime locations to respond to the growing click-and-collect trend.

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