Ailing shopping centre owner Intu has sold Spain’s Intu Asturias for €290m (£245.15m), as the business continues efforts to turn around its fortunes.
The shopping centre, which is situated in Oviedo in northern Spain and attracts nine million visitors annually, has been sold to ECE European Prime Shopping Centre Fund.
The sale marks the second disposal from Intu’s Spanish portfolio, following the sale of Intu Puerto Venecia in Zaragoza, which was sold for €475.3m (£401.77m) in December 2019.
Both sales are part of Intu’s ongoing strategy to fix its balance sheet. Intu says the sale of Intu Asturias will provide the company with around €85m net profit, which will be used to repay debt and reduce loan values by around 1%.
Matthew Roberts, chief executive of Intu, commented: “Our number one priority is fixing the balance sheet, which includes creating liquidity through disposals. This transaction, which along with the disposal of Intu Puerto Venecia, the part-disposal of Intu Derby and other sundry asset sales, brings our total disposals since the start of 2019 to nearly £600m.”
Last week it was reported that the company was seeking to raise equity as it restructures its balance sheet. The property giant, which owns Lakeside and the Trafford Centre, said it was ”engaged in constructive discussions” with shareholders and potential new investors on a proposed equity raise.