Intu in final talks with ECE, Generali to sell Spanish assets

Shopping centre REIT Intu is reportedly in negotiations to sell two of its flagship malls in Spain – Intu Asturias and Intu Puerto Venecia for a total of over €400 mln.

According to a news report by Spanish paper Expansion, Intu is in advanced talks with ECE on Intu Asturias, while finalising negotiations with Generali on behalf of the newly-launched Shopping Centre Fund on the Puerto Venecia asset.

Both properties are owned on a 50-50 basis together with Canadian pension fund CPPIB, which also has the right of first refusal on both assets, should they be sold.

Intu’s stakes in Puerto Venecia and Parque Principado were last valued at €268 mln and €161 mln respectively. They were bought for €225 mln and €161 mln back in 2013 and 2014. The company launched the sale process back in May and said in July that it has entered the second round phase of bidding.

Intu is also said to be looking for a buyer for its Xanadú centre in Madrid. The asset was bought in 2017 from Canadian mall investor Ivanhoé Cambridge for €530 mln, or an initial yield of 4.3%.  

All parties declined to comment.

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