Intu sells Spanish shopping centre as it battles to balance books

intu Asturias

Intu has completed the latest in a string of asset disposals, selling another Spanish shopping centre as it looks to turn around flagging fortunes and fix its balance sheet in the UK.

Intu said it had exchanged contracts to sell its Asturias shopping centre in Oviedo, Spain to the ECE European Prime Shopping Centre Fund II for €290m (£245.1m).

The institutional landlord will take a €140m (£118.3m) share, with the rest going to its joint venture partner in the scheme the Canada Pension Plan Investment Board.

The sale of Intu Asturias follows on from other disposals of Spanish assets including the shopping centre at Puerto Venecia in Zaragoza which it agreed to sell in early January 2020 for €475.3m (£401.7m).

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