CPPIB Makes Greater Inroads in Spanish Shopping Centers
Intu Properties plc and Canada Pension Plan Investment Board (CPPIB), through its wholly-owned subsidiary, CPP Investment Board Europe S.à r.l. – are forming a joint venture to jointly own Puerto Venecia shopping centre in Zaragoza, Spain. The new JV is similar to an existing partnership Intu and CPPIB have in Spain through the Parque Principado shopping centre in Oviedo. The Oviedo shopping centre asset moved up nearly 30% in value since the end of 2014. CPPIB will acquire a 50% interest in Puerto Venecia shopping centre, valuing its stake at €225.4 million. The closing of the transaction is subject to certain completion conditions including regulatory approvals.
In January 2015, Intu purchased Puerto Venecia for €451 million from Orion Capital Partners. Intu was looking to bring in an investment partner to partially own the property.
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