StockMarketWire.com - Intu said it would sell its partly-owned Asturias shopping centre in Spain to the ECE European Prime Shopping Centre Fund II for €290m.

Intu Asturias was located in Oviedo, Spain and owned by a joint venture company through affiliates of intu properties and Canada Pension Plan Investment board.

Intu's share of the proceeds would be €145m.

'The transaction forms part of intu's stated strategy of fixing its balance sheet and will deliver net proceeds to intu of around €85m after repaying asset-level debt, working capital adjustments and taxation,' Intu said. 'Intu will use the net proceeds to repay debt with the transaction reducing loan to value by around 1%. The transaction is expected to complete in the next week.'














At 9:00am: [LON:INTU] Intu Properties share price was -0.01p at 18.78p



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