Intu completes Puerto Venecia sale

Shopping centre landlord intu has sold its stake in the 1.2m sq ft Puerto Venecia shopping centre in Spain. The landlord and joint venture partner Canada Pension Plan Investment Board had agreed to sell the shopping centre to Generali Shopping Centre Fund and Union Investment Real Estate for €475.3m (£420m). Intu’s agreed share of the proceeds was €237.7m, when contracts were exchanged in December. Matthew Roberts, chief executive of intu, said: “We are pleased to have successfully concluded this transaction which is another important step in our ultimate strategic objective to fix the balance sheet over the medium term.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette