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Disposal of Intu Puerto Venecia
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
LEI: 213800JSNTERD5CJZO95
23 DECEMBER 2019
DISPOSAL OF INTU PUERTO VENECIA
A jointly owned holding company and affiliates of intu properties plc (‘intu’) and Canada
Pension Plan Investment Board have exchanged contracts to sell intu Puerto Venecia
shopping centre to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment
Real Estate GMBH for €475.3 million (intu share €237.7 million).
intu Puerto Venecia is located in Zaragoza, Spain and is the regional retail and leisure
destination for the Aragon region with an annual footfall of 19 million.
The transaction is part of intu’s stated strategy of fixing its balance sheet and will deliver net
proceeds to intu of around €115 million after repaying asset-level debt, working capital
adjustments and taxation. intu will use the net proceeds to repay debt with the transaction
reducing loan to value by around 1 per cent. The closing of the transaction is subject to
certain completion conditions, including regulatory approvals, and is expected to complete in
early 2020.
Matthew Roberts, chief executive of intu, commented:
“We are pleased to have successfully concluded this transaction and, as previously
discussed, are at advanced stages of negotiations on the disposal of intu Asturias in
Northern Spain.
As we announced at the interim results in July, our number one priority is fixing the balance
sheet which includes creating liquidity through disposals. This transaction, which along with
the part-disposal of intu Derby and other sundry asset sales in 2019 brings the year to date
disposals total to £479 million.”
ENQUIRIES
intu properties plc
Matthew Roberts Chief Executive +44 (0)20 7960 1353
Dushyant Sangar Chief Investment Officer +44 (0)20 7960 1290
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
NOTES FOR EDITORS
About intu
intu creates thriving, vibrant destinations where brands flourish.
With ten of the most popular out-of-town and city centre flagship destinations in the UK, our
centres welcome half the population every year and provide employment for more than three
per cent of the country’s retail workforce.
We have worked hard to create winning destinations that are the beating heart of regions,
with an irresistible blend of shopping, dining, events and leisure. intu centres are rated
number one for being modern, stylish and fun; there is always something new to discover
and everything we do is designed to make people smile.
We are recognised by retail and leisure brands for our unrivalled national coverage, high
footfall and compelling mix, all under one roof and one brand.
We bring economic prosperity wherever we operate and we take our responsibilities as a
good neighbour just as seriously with green transport plans and energy efficiency strategies
for each centre.
JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited
Date: 23-12-2019 09:08:00
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