CPPIB invests £250m in Intu subordinated facility

CPPIB Credit Investments, a wholly owned subsidiary of Canada Pension Plan Investment Board, has agreed to provide a £250 million ($327 million) subordinated facility to intu properties plc, a British REIT with shopping center assets in the United Kingdom and Spain.

The subordinated facility will support intu’s corporate business plans and is indirectly secured by intu Trafford Centre in Manchester, United Kingdom.

Manchester’s intu Trafford Centre is a 1.9 million-square-foot super-regional, prime shopping center, and one of the U.K.‘s top five shopping centers, counting many leading global retailers among its tenants. The property houses more than 230 stores, as well as more than 65 catering and leisure units, across its four arcades and two floors.

CPPIB and intu have joint ownerships in leading shopping centers in Spain, including intu Asturias in Oviedo and Puerto Venecia in Zaragoza