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Intu Accelerates the Sale of its Assets in Spain

20 January 2020 – Expansión

20 January 2020 – Expansión

Intu’s cull of its assets in Spain continues as it seeks to raise funds to avoid bankruptcy. As at the end of June 2019, the British real estate giant had debt amounting to GBP 4.7 billion, whereas its stock market valuation yesterday stood at GBP 300 million.

Following the sale of its 50% stake in the Puerto Venecia in Zaragoza in December, Intu is now negotiating the divestment of its stake in the Asturian Parque Principado shopping centre, which it owns jointly with CPPIB. The likely buyer is the German fund ECE Real Estate and the expected price around €150 million.

Next in line will be the Xanadú shopping centre in Madrid, which Intu owns jointly with Nuveen Real Estate. That asset is expected to fetch more than €500 million when it goes on the market in the summer. 

Intu also owns several work-in-progress projects across Spain, including a new shopping centre in Málaga. The expectation is that the firm will try to offload that property too as construction progresses.

Original story: Expansión (by Roberto Casado)

Translation/Summary: Carmel Drake

Original Story: Expansión

Translation/Summary: Carmel Drake