The Canadian Pension Plan Investment Board (CPPIB) is believed to be in pole position to acquire stakes in the Puerto Venecia (Zaragoza) and Parque Principado (Asturias) shopping centres from Intu Properties, after the UK retail specialist hinted at plans to sell off its Spanish assets.
CPPIB is already the joint venture partner in both assets and has first right of refusal if Intu does decide to sell.
Local media reports said that Intu expected to raise around €450 mln from the sale of its 50% holdings in both shopping centres, after valuing its Puerto Venecia and Parque Principado stakes at €268 mln and €161 mln respectively.
Meanwhile its investment partner in Madrid, Nuveen, has emerged as favourite to take control of the Xanadú shopping centre, Intu's third Spanish asset. The UK retail investor sold a 50% stake to the then TH Real Estate in May 2017, creating a joint venture for the ownership of the mall.
Nuveen currently holds the Xanadú stake in its pan-European investment vehicle, the European cities fund.
