Intu Properties PLC Disposal of intu Puerto Venecia (7901X)

TIDMINTU

RNS Number : 7901X

Intu Properties PLC

23 December 2019

LEI: 213800JSNTERD5CJZO95

23 DECEMBER 2019

DISPOSAL OF INTU PUERTO VENECIA

A jointly owned holding company and affiliates of intu properties plc ('intu') and Canada Pension Plan Investment Board have exchanged contracts to sell intu Puerto Venecia shopping centre to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH for EUR475.3 million (intu share EUR237.7 million).

intu Puerto Venecia is located in Zaragoza, Spain and is the regional retail and leisure destination for the Aragon region with an annual footfall of 19 million.

The transaction is part of intu's stated strategy of fixing its balance sheet and will deliver net proceeds to intu of around EUR115 million after repaying asset-level debt, working capital adjustments and taxation. intu will use the net proceeds to repay debt with the transaction reducing loan to value by around 1 per cent. The closing of the transaction is subject to certain completion conditions, including regulatory approvals, and is expected to complete in early 2020.

Matthew Roberts, chief executive of intu, commented:

"We are pleased to have successfully concluded this transaction and, as previously discussed, are at advanced stages of negotiations on the disposal of intu Asturias in Northern Spain.

As we announced at the interim results in July, our number one priority is fixing the balance sheet which includes creating liquidity through disposals. This transaction, which along with the part-disposal of intu Derby and other sundry asset sales in 2019 brings the year to date disposals total to GBP479 million."

ENQUIRIES

intu properties plc

Matthew Roberts Chief Executive [phone]

   Dushyant Sangar                    Chief Investment Officer                    [phone] 

Adrian Croft Head of Investor Relations [phone]

Public relations

UK: Justin Griffiths, Powerscourt [phone]

SA: Frédéric Cornet, Instinctif Partners [phone]

NOTES FOR EDITORS

About intu

intu creates thriving, vibrant destinations where brands flourish.

With ten of the most popular out-of-town and city centre flagship destinations in the UK, our centres welcome half the population every year and provide employment for more than three per cent of the country's retail workforce.

We have worked hard to create winning destinations that are the beating heart of regions, with an irresistible blend of shopping, dining, events and leisure. intu centres are rated number one for being modern, stylish and fun; there is always something new to discover and everything we do is designed to make people smile.

We are recognised by retail and leisure brands for our unrivalled national coverage, high footfall and compelling mix, all under one roof and one brand.

We bring economic prosperity wherever we operate and we take our responsibilities as a good neighbour just as seriously with green transport plans and energy efficiency strategies for each centre.

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December 23, 2019 02:00 ET (07:00 GMT)