Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Intu offloads Spanish shopping centre

Arf 5912

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.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.