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Intu is seeking partner to build the largest shopping centre in Spain
07 January 2020 | Vanessa Sousa

British Intu is looking for a financial partner to grant it credit which can be converted into shares, in order to build what will be the largest shopping centre in Spain, the Intu Costa del Sol, currently estimated at 800 million euro.

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Intu’s new partner should bear part of the shopping centre’s construction costs and that investment should in the future be represented by a share of the company in charge of managing the asset, reports newspaper Cinco Días. The British company contracted an investment bank specialised in real estate Eastdil Secured to advise the operation.

Intu announced at the beginning of last Summer it was looking for investors to develop its mega-project in Torremolinos, Malaga, which will feature 2 hotels, 70 restaurants, several leisure areas and areas dedicated to events and conferences. It will also feature 250.000 sqm dedicated to parking areas and gardens.

At the time, Intu placed on the table the possibility of selling the terrain and the project for 250 million euro. But now, according to market sources contacted by the Spanish newspaper, its preference is to establish a financial partnership.

However, the company’s financial situation remains difficult, and consequently not very attractive for investors. The sale of 50% of its share in Intu Puerto Venecia at the end of the year – which earned it more than 230 million euro – gave it some room to breathe, which will allow it to lower its liabilities, reported the same newspaper. The future sale of its share in Intu Asturias will follow the same purpose.