CPPIB to acquire 50% of Puerto Venecia shopping centre
The Canada Pension Plan Investment Board (CPPIB) and UK-based Intu Properties plc (Intu) have announced a joint venture to jointly own Puerto Venecia shopping centre in Zaragoza, Spain.
Puerto Venecia was acquired by Intu in January 2015 for €451 million, with the aim of introducing an investment partner later in the year. CPPIB will acquire a 50 per cent interest in the property valued at €225.4 million.
Intu and CPPIB have worked together in Spain since the joint acquisition of the Parque Principado shopping centre in Oviedo shopping centre in October 2013. As of December 2014 Parque Principado has increased in value by nearly 30 per cent.
With this new transaction the partnership between Intu and CPPIB now includes two of Spain’s top ten shopping centres.