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A great Canadian fund lands on the Spanish real estate market.

The British development company Intu and the Canadian pension fund CPPIB have joined forces to acquire a mall in Asturias for 162 million Euros, a new sign of the international investing interest in Spain.

The operation, advanced by Expansión on the 8th August, is the first acquisition carried out by CPPIB in the Spanish real estate sector. This company manages assets for 183.300 million Canadian Dollars (131.000 million Euros). The company acquired recently 39% of Doma, the Spanish company managing the motorcycling World Championship.

Intu, has plots in Valencia, Vigo and Malaga in order to develop new malls and to create a broad portfolio with a “base” in Spain.

The property transferred to Intu and CPPIB is Parque Principado, with 75.000 square meters of trade premises occupied by brands such as Zara, Primark and Eroski, among others. Most of the mall was owned by Sonae Sierra and a fund from Richard Ellis.

The annual rent of the complex reaches 11,7 million Euros, implying a profit of 7,2% for the buyers. These hope to obtain a bank loan to finance 50% of the acquisition, with an annual cost of 6%.

Yesterday Intu and CPPIB showed an interest in carrying out new operations in Spain.