Intu prepares sale of €1B portfolio to avoid collapse

Intu prepares sale of €1B portfolio to avoid collapse

intu Costa del Sol's Project

The news was advanced this Thursday by PropertyEu, which further revealed that the British company chose CBRE to advise the operation. The portfolio consists of shopping centres Merry Hill estimated at 637.5 million euro, Intu Milton Keynes estimated at 233.6 million euro and St. David’s in Cardiff estimated at 249.3 million euro.

This is the route conceived by the company to face its 68% ratio of debt over assets and its more than 2.3 billion euro in losses registered at the end of last year.

This divestment route has also been initiated in Spain. At the beginning of the year, Intu sold shopping centre Intu Asturias for 290 million euro to German ECE. And at the end of last year it concluded the deal with Union and Generali Real Estate to sell the Puerto Venecia Shopping Centre for 475 million euro.

The British company is currently the owner of intu Xanadu located in Madrid and has the construction of what should become the largest shopping centre in the country: the intu Costa del Sol, on the pipeline. 

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