The Canada Pension Plan Investment Board (CPPIB) and Intu Properties are forming a joint venture to jointly own Puerto Venecia shopping centre in Zaragoza, Spain.
Intu acquired the mall in January 2015 for €451 million ($624.1 million), stating at the time that it would look to introduce an investment partner in 2015. CPPIB will acquire a 50% interest in the property valued at €225.4 million ($311.9 million).
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“This joint venture is an opportunity to increase our presence in the Spanish retail market, and is in-line with our global strategy to build relationships with aligned, well-respected partners,” says Andrea Orlandi, CPPIB’s managing director and head of real estate investments Europe. She adds that the mall “provides a great complement to our existing portfolio of retail assets across Europe, and we look forward to further building our relationship with Intu through this transaction.”
The closing of the transaction is subject to certain completion conditions including regulatory approvals.
Intu and CPPIB have worked together in Spain since the joint acquisition of Parque Principado shopping centre in October 2013.
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