Intu incorporates foreign funds to finance its center in Torremolinos

Intu Spain wants to have guaranteed the economic viability, present and future, of its large commercial parks. To this end, it has begun to survey the availability of international funds, such as the North American Eastdil Secured, to turn them into sources of financing that guarantee the construction of the commercial macrocenter in Torremolinos and the maintenance of openwork spaces of the Zaragoza Intu Puerto Venecia.

The British company wants to clear up any doubts about the approaches that start around brexit. In fact, the departure from the United Kingdom can unleash a complex continental framework, just as the implementation of new tariffs on China by the United States has already generated considerable market instability.

Intu Spain spokespersons hide in this international market situation to publicize these movements “in search of capital.” And in turn they want to send a resounding message about it: «Intu Costa del Sol is not for sale. It is false that we are looking for a buyer in these negotiations to incorporate financing to the construction process of the complex, ”they state flatly.

Other very different circumstances are those for Intu the negotiation processes that could end the sale to other entities of the two centers that Intu has in Oviedo, called Asturias, and Zaragoza, under the name of Puerto Venecia. In Costa Rican facilities, the British company has remarked that it will invest around 700 million euros for the opening of up to 12 “neighborhoods as a new tourist destination” or “shopping resorts”.

In total, about 70 restaurants and two hotels will open on the premises, over an area of ​​more than 250,000 square meters. The visitors, for example, will find in these facilities a permanent circus, a pavilion for the celebration of congresses and a theater that will keep a concert schedule throughout the year.

Intu Costa del Sol will be a benchmark in Spain for the chain, without comparing the comparison with its flagship, the Madrid Xanadú, which days ago extended its commercial and catering offer with four new openings until it exceeded the barrier of the 220 firms. To the existing ones, we have added the fashion and accessories Bosanova and Hug & Clau, the Apart jewelry and the Foster’s Hollywood chain, dedicated to the restoration.

Intu’s assets in the country are currently valued at around 1,000 million euros. It is practically half of its current stock market value, estimated at approximately 2,000 million. Among its partners in the management of existing centers in Spain, it has the Canadian pension fund CPPIB – in the cases of the precincts in Oviedo and Zaragoza – or the Nuveen firm (formerly called TH Real Estate) in Madrid Xanadú.

This last commercial park was acquired by Intu in 2017 for a record amount of 530 million euros. This operation was financed by Santander, Crédit Agricole, CaixaBank and BBVA.