C&W advises on the acquisition of Spain´s largest shopping & leisure resort

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C&W advises Intu Properties on the acquisition of Puerto Venecia for €451m, Spain´s largest shopping & leisure resort.

Intu Properties plc (“Intu”) announces that it has exchanged contracts with an entity indirectly fully owned by the Orion European Real Estate Fund III C.V. (a fund managed by Orion Capital Managers) to acquire Puerto Venecia shopping centre and retail park in Zaragoza, Spain for €451 million. This represents a net initial yield of 5.0% based on net rental income of €22.4 million. Eurofund, our development partner in Spain, was closely involved in the original development of this award winning centre which opened in 2008 (retail park) and 2012 (shopping centre).