Intu Properties and Canada Pension Plan Investment Board have agreed a deal to sell Intu Asturias shopping centre to the ECE European Prime Shopping Centre Fund II for €290 million.
Intu Asturias’ is located in Oviedo, Spain and has an annual footfall of nine million.
An Intu statement said the transaction “forms part of Intu’s stated strategy of fixing its balance sheet and will deliver net proceeds to Intu of around €85 million after repaying asset-level debt, working capital adjustments and taxation”.
It added: “Intu will use the net proceeds to repay debt with the transaction reducing loan to value by around 1 per cent.”
Intu Properties and Canada Pension Plan Investment Board were advised on the deal by a Madrid-based Linklaters team, which included Adolfo Guerrero, Raquel Blanco, Santiago Alfonsetti, Alejandro Meca, Carlos Olmedo, Jaime Pérez-Bustamante, Fredrik Lowhagen, Miguel Andreu, Pablo Medina and Julián Renilla.
Matthew Roberts (pictured), chief executive of Intu, said: “Our number one priority is fixing the balance sheet which includes creating liquidity through disposals.”