The EC Gives Green Light to Sale of Parque Principado Shopping Center in Asturias

26/02/2014 – Expansion

The European Commission viewed the joint acquisition of the company Parque Principado with favour. The firm operates a shopping center of the same name in Siero (Asturias) on behalf of Canada Pension Plan Investment Board (CPPIB) and the British real estate fund Intu Properties.

The EC accepted the price set at €161.8 million as both purchasers stand up to the requirements imposed. (…) In turn, Parque Principado, a Luxembourg-based company operating two properties in Spain. (…).

The Commission stated that the operation has been examined in terms of simplified proceedings and that it do not cast risk on overall market. (…).

The Parque Principado shopping center, inaugurated in April 2001, has got a gross lettable area of 74.800 square meters and 5.000 parking spaces. Throughout 2012, the mall has been visited by almost nine million people and registered €131 million income from sales.

 

Original article: Expansión (EFE)

Translation: AURA REE

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