This was confirmed by company sources to EjePrime. According to them, the fund management company carried out this operation due to liquidity issues the British company is facing. The serious economic situation intu is going through has forced it to sell practically all its assets in Spain.
Porto de Cabral will become a 580.000 sqm mega-shopping centre within Vigo’s outskirts. Investment for the project, which has not yet been greenlighted, should be around 1 billion euro and it will create around 6.500 jobs.
The Boletín Oficial del Registro Mercantil (Official Gazette of the Mercantile Registry) – Borme registered that the society intu Eurofund Vigo changed its denomination to Eurofund Resort Development Holdco and now has a board of directors instead of sole administrators.
With this purchase, the company intends to reactive Porto Cabral next March. In December 2019, Vigo’s city hall, presided by Abel Caballero, rejected the project’s provisional license, due to «technical criteria», because the developer did not own the terrains required for the urban renewal, in the hands of the Cabral’s co-proprietaries.
The fund management company has more than 3.5 billion euro in commercial assets, between opened, managed and developing shopping centres.