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Intu Properties, Canada Pension Plan venture to buy Spanish mall

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October 7
7:55 AM 2013

Intu Properties and the Canada Pension Plan Investment Board said it would be acquiring a mall located in Oviedo in northern Spain in a EUR 162 million or USD 220 million deal. The joint venture partners also said it would be paying for half of the purchase price through bank financing.

Intu Properties Chief Executive Officer David Fischel said, "The opportunity to acquire Parque Principado, a top 10 center in Spain, on attractive and earnings-accretive terms firmly establishes our presence on the ground in a country where we see considerable growth opportunities." The property has an area of 75,000 square meters.

London-based Intu said it could establish real estate investment trust for its holdings in Spain. This year, the shareholders of Intu also approved the acquisition of land in Malaga, Spain from the Peel Group. It also has a buy option with a partner to acquire other sites in Valencia and Vigo. Intu also said it would be refurbishing and expanding its malls in the UK. It planned to spend GBP 1 billion for the purpose.

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