Intu Properties has sold its interest in Puerto Venecia, Spain’s largest shopping center in a transaction that was valued at €475.3 million ($514 million).
Located in Zaragoza in northern Spain, the 206,000-square-meter (2.22 million-square-foot) hub consists of 1.2 million square feet of retail, leisure and catering and 203 retail units facing a canal and lake, according to Intu’s website.
The center features a large outdoor ice rink, an indoor/outdoor climbing center, a multi-screen cinema complex, and a 120-meter (393-mile) zipline that crosses a 7,500-square-meter (80,729-square-foot) lake.
Intu sold the property to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH.
“We are pleased to have successfully concluded this transaction, which is another important step in our ultimate strategic objective to fix the balance sheet over the medium term,” said Matthew Roberts, CEO of Intu.
