Intu completes sale of Spanish shopping centre

Puerto Venecia shopping centre, Spain

Troubled shopping centre group intu has completed the sale of the Puerto Venecia shopping centre in Spain for €475.3m (£406m).

Intu will receive €237.7m from its share of the shopping centre sale to Generali Shopping Centre Fund and Union Investment Real Estate It will deliver net proceeds of around €115m after repayment of debt, working capital adjustments and taxation.

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