Press Release / 24 December 2014

Acquisition of Puerto Venecia Shopping Centre, Zaragoza, Spain for €451m

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).

David Fischel, Chief Executive of intu, commented:

“The acquisition of the Puerto Venecia shopping centre following last year’s successful acquisition of Parque Principado, Oviedo, is another great addition for the Group. The transaction substantially accelerates our activities in Spain, which is a country where we see major opportunities for the type of genuinely regional destination centre in which the Group specialises, like intu Trafford Centre in the UK. Puerto Venecia represents such an asset, with an attractive combination of retail, restaurants and leisure. The centre is seeing strong growth in footfall and retailer sales from key names and provides an excellent template for the future development of sites we have under option, such as in Malaga where we expect to move the project forward significantly in 2015.”

Key facts on Puerto Venecia

Puerto Venecia is the regional retail and leisure destination for the Aragon and surrounding regions and one of the top ten shopping centres in Spain. Situated eight kilometres to the south of Zaragoza, with direct frontage onto the city’s ring road, it has an expected footfall this year of some 18 million customer visits, an increase of over 15 per cent year on year, from a catchment of over one million people.

The asset comprises a retail park and shopping centre which has a strong fashion mall and adjoining leisure and restaurant area. The retail park was opened in 2008 and won the Best Retail Park award at the 2010 Spanish Shopping Centre Awards. The fashion mall and leisure and restaurant area are situated over two floors and surround a central lake. The shopping centre was opened in 2012 and won Best Retail and Leisure Development Worldwide at the 2013 Mapic Awards.

The centre and retail park provides a trading area of 200,000 square metres. This transaction involves acquiring approximately 120,000 square metres, with the remaining area owner occupied, including sites sold to Ikea, Leroy Merlin, Porcelanosa, El Corte Ingles and Hipercor. The scheme is home to over 200 shops, restaurants and leisure operators, including the Inditex brands, Primark, H&M and Apple. The asset has over 10,000 car park spaces.

Occupancy, by rent, amounts to over 95 per cent in the shopping centre and around 90 per cent in the retail park.

Conference call

A conference call for analysts and investors will be held today at 8:30 GMT.

A full version of this press release and presentation are available for download below.

Enquiries

Intu Properties plc

David Fischel

Chief Executive

+44 (0)20 7960 1207

Matthew Roberts

Chief Financial Officer

+44 (0)20 7960 1353

Adrian Croft

Head of Investor Relations

+44 (0)20 7960 1212

 

Public relations

UK:

Giles Sanderson/Justin Griffiths, Powerscourt

+44 (0)20 7250 1446

SA:

Frédéric   Cornet, Instinctif Partners

+27 (0)11 447 3030