The Canada Pension Plan Investment Board (CPPIB) and Intu Properties have signed a joint partnership deal to acquire a Spanish shopping mall.
Before transaction costs, the two will pay €162 million (C$226.8 million) for Parque Principado Shopping Centre in Oviedo, which is located about 450 kilometres north of Madrid.
“This transaction is an opportunity to acquire a prime regional shopping centre in Spain and is in line with our global retail strategy to invest in high-quality assets, which are leaders in their catchment area,” says Graeme Eadie, senior vice-president and head of real estate investments at the CPPIB. “We believe this is an attractive entry point to the Spanish retail market.”
Intu, which owns and operates a number of malls in the United Kingdom, will manage the property.
The 800,000 square foot mall has more than 150 stores and restaurants.
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