Intu Properties PLC Disposal of intu Puerto Venecia (7901X)
December 23 2019 - 1:00AM
UK Regulatory
TIDMINTU
RNS Number : 7901X
Intu Properties PLC
23 December 2019
LEI: 213800JSNTERD5CJZO95
23 DECEMBER 2019
DISPOSAL OF INTU PUERTO VENECIA
A jointly owned holding company and affiliates of intu
properties plc ('intu') and Canada Pension Plan Investment Board
have exchanged contracts to sell intu Puerto Venecia shopping
centre to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union
Investment Real Estate GMBH for EUR475.3 million (intu share
EUR237.7 million).
intu Puerto Venecia is located in Zaragoza, Spain and is the
regional retail and leisure destination for the Aragon region with
an annual footfall of 19 million.
The transaction is part of intu's stated strategy of fixing its
balance sheet and will deliver net proceeds to intu of around
EUR115 million after repaying asset-level debt, working capital
adjustments and taxation. intu will use the net proceeds to repay
debt with the transaction reducing loan to value by around 1 per
cent. The closing of the transaction is subject to certain
completion conditions, including regulatory approvals, and is
expected to complete in early 2020.
Matthew Roberts, chief executive of intu, commented:
"We are pleased to have successfully concluded this transaction
and, as previously discussed, are at advanced stages of
negotiations on the disposal of intu Asturias in Northern
Spain.
As we announced at the interim results in July, our number one
priority is fixing the balance sheet which includes creating
liquidity through disposals. This transaction, which along with the
part-disposal of intu Derby and other sundry asset sales in 2019
brings the year to date disposals total to GBP479 million."
ENQUIRIES
intu properties plc
Matthew Roberts Chief Executive +44 (0)20 7960 1353
Dushyant Sangar Chief Investment Officer +44 (0)20 7960 1290
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
NOTES FOR EDITORS
About intu
intu creates thriving, vibrant destinations where brands
flourish.
With ten of the most popular out-of-town and city centre
flagship destinations in the UK, our centres welcome half the
population every year and provide employment for more than three
per cent of the country's retail workforce.
We have worked hard to create winning destinations that are the
beating heart of regions, with an irresistible blend of shopping,
dining, events and leisure. intu centres are rated number one for
being modern, stylish and fun; there is always something new to
discover and everything we do is designed to make people smile.
We are recognised by retail and leisure brands for our
unrivalled national coverage, high footfall and compelling mix, all
under one roof and one brand.
We bring economic prosperity wherever we operate and we take our
responsibilities as a good neighbour just as seriously with green
transport plans and energy efficiency strategies for each
centre.
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END
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