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CPPIB forms JV with Intu to buy stake in Spanish shopping center

by Andrea Waitrovich

The Canada Pension Plan Investment Board, through its wholly-owned subsidiary, CPP Investment Board Europe, has formed a joint venture with Intu Properties to acquire a stake in the Puerto Venecia shopping center in Zaragoza, Spain.

Intu acquired Puerto Venecia in January 2015 for €451 million ($502 million), stating at the time that it would look to introduce an investment partner this year. CPPIB will acquire a 50 percent interest in the property valued at €225.4 million ($250.9 million).

The new joint venture complements the existing partnership Intu and CPPIB have in Spain through the Parque Principado shopping center in Oviedo.

CPPIB has been actively investing internationally. In two separate deals, CPPIB recently invested more than $1.2 billion on behalf of its international portfolio

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