Intu Properties and Canada Pension Plan Investment Board partners to own Puerto Venecia Shopping Centre

Posted On Thursday, 04 June 2015 08:42 Published by
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Intu Properties Plc and Canada Pension Plan Investment Board announce creation of a joint venture to jointly own Puerto Venecia Shopping Centre

 

Puerto Venecia Shopping Centre

Intu Properties plc and Canada Pension Plan Investment Board (CPPIB) through its wholly-owned subsidiary, CPPIB Europe S.à r.l. (“CPPIBE”) – are forming a joint venture to jointly own Puerto Venecia shopping centre in Zaragoza, Spain.

This new joint venture complements the existing partnership Intu and CPPIB have in Spain through the Parque Principado shopping centre in Oviedo.

David Fischel, Chief Executive of Intu, commented: “We are pleased to be extending our joint venture arrangements in Spain with CPPIB. The funds generated from this transaction will be available to further Intu’s Spanish activities, where we have recently exercised our option to acquire a site in Malaga for a major shopping resort development.”

 

Andrea Orlandi, Managing Director, Head of Real Estate Investments Europe, CPPIB, commented: “This joint venture is an opportunity to increase our presence in the Spanish retail market, and is in line with our global strategy to build relationships with aligned, well-respected partners. Puerto Venecia is a high quality asset and is the pre-eminent centre in its catchment. It provides a great complement to our existing portfolio of retail assets across Europe, and we look forward to further building our relationship with Intu through this transaction.”

Puerto Venecia is Europe’s largest retail and leisure destination and features 2.2 million sq ft (206,000 sq m), 250 units and 10,000 parking spaces. The scheme comprises a retail park, fashion mall, leisure area, adventure and sports area, 107,640 sq ft (10,000 sq m) lake, canal and parkland including 10 km of paths for walking and cycling.

The retail park, which attracts more than 6 million visitors a year, is anchored by Ikea and features all leading Spanish operators including Conforama, Leroy Merlin, Media Markt and Porcelanosa. The adventure area will feature a range of sports and leisure activities including rowing boats and a zip line next to a 65,000 sq ft (6,038 sq m) Decathlon store where customers can test products before they buy.

Zaragoza is Spain’s fifth largest city and enjoys excellent transport links. The airport directly connects the city to all major European cities and there is also a high speed connection of less than 1.5 hours to Madrid and Barcelona by train. Puerto Venecia is accessed by the Z30, Z35 and Z40 motorways.

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