THE UK’s largest shopping centre owner is to acquire one of Spain’s biggest retail spaces in a deal worth a cool €165 million.
Intu Properties, along with the Canadian Pension Plan Investment Board, has agreed to purchase the Parque Principado, a 75,000 square foot shopping centre in the northern town of Oviedo in Asturias.
Intu’s chief executive, David Fischel, said: “The opportunity to acquire Parque Prinicpado, a top 10 centre in Spain firmly establishes our presence on the ground in a country where we see considerable growth opportunities.”
The shopping centre, which opened in 2001, boasts 156 retail units, a 12 screen cinema and 20 restaurants. In 2012 it attracted nine million visitors.
Intu Properties, whose portfolio includes the Lakeside Shopping Centre in Essex, has also revealed it could launch a real estate investment trust for its Spanish holdings, suggesting it is confident the country offers attractive investment prospects over the longer term.
It’s been a big week for investment in Spain, with Santander announcing it was to make its first domestic investment since the onset of the credit crisis in 2008.