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INTU PROPERTIES PLC - Disposal of Intu Asturias

Release Date: 28/01/2020 09:03
Code(s): ITU     PDF:  
Wrap Text
Disposal of Intu Asturias

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code:     ITU
LEI: 213800JSNTERD5CJZO95


28 JANUARY 2020


DISPOSAL OF INTU ASTURIAS


A joint venture company through affiliates of intu properties plc (‘intu’) and Canada Pension
Plan Investment Board has exchanged contracts to sell intu Asturias shopping centre to the
ECE European Prime Shopping Centre Fund II for €290.0 million (intu share €145.0 million).
intu Asturias is located in Oviedo, Spain and is the regional retail and leisure destination for
the Asturias region with an annual footfall of nine million.
The transaction forms part of intu’s stated strategy of fixing its balance sheet and will deliver
net proceeds to intu of around €85 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 transaction is expected to complete in the
next week.
This disposal follows the agreement for sale of intu Puerto Venecia for €475.3 million (intu’s
share €237.7 million). intu’s 50 per cent share of the aggregate net rental income for intu
Puerto Venecia and intu Asturias was €19.3 million for the year ended 31 December 2019.


Matthew Roberts, chief executive of intu, commented:
“We are pleased to have successfully agreed our second disposal in Spain in the last month.
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 £600 million.”


JSE Sponsor
Merrill Lynch South Africa Proprietary Limited


ENQUIRIES

intu properties plc
Matthew Roberts                Chief Executive                        +44 (0)20 7960 1353
Dushyant Sangar                Chief Investment Officer               +44 (0)20 7960 1290
Adrian Croft                   Head of Investor Relations             +44 (0)20 7960 1212


Public relations
UK:                            Justin Griffiths, Powerscourt          +44 (0)20 7250 1446
SA:                            Frédéric Cornet, Instinctif Partners   +27 (0)11 447 3030

Date: 28-01-2020 09:03:00
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