Intu’s strategic sales aim to boost liquidity and reduce debt.

  • Intu has sold its second Spanish shopping centre, Intu Asturias, for €290m.
  • The sale is part of Intu’s strategy to improve its balance sheet.
  • Intu will receive €145m from the sale, with net proceeds expected to be around €85m after debt repayment.
  • The transaction is expected to reduce Intu’s loan-to-value ratio by approximately 1%.
  • This follows the earlier sale of intu Puerto Venecia for €475.3m.
  • Total disposals since 2019 have reached nearly £600m.

Intu, the shopping centre owner, has successfully sold its second shopping centre in Spain, the Intu Asturias, as part of its ongoing efforts to stabilize its financial situation. The company announced that a joint venture, involving affiliates of Intu Properties and the Canada Pension Plan Investment Board, has finalized the sale to the ECE European Prime Shopping Centre Fund II for €290 million (£245 million). Intu will receive €145 million (£122 million) from this transaction. nnIntu Asturias serves as a key retail and leisure hub for the Asturias region, attracting over nine million visitors annually. This sale is a crucial step in Intu’s strategy to enhance its balance sheet, with the company estimating net proceeds of around €85 million (£71 million) after settling asset-level debts, making necessary working capital adjustments, and accounting for taxes. The funds will primarily be used to pay down existing debt, contributing to a reduction in the company’s loan-to-value ratio by about 1%. nnThe completion of this transaction is anticipated for next week and follows the earlier agreement to sell intu Puerto Venecia for €475.3 million (£401 million). Matthew Roberts, Intu’s chief executive, expressed satisfaction with the progress, stating, ‘We are pleased to have successfully agreed our second disposal in Spain in the last month. Our number one priority is fixing the balance sheet which includes creating liquidity through disposals.’ With these recent sales, Intu’s total disposals since the beginning of 2019 have approached £600 million.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Intu’s sale of its second Spanish shopping centre and its strategy for fixing the balance sheet. It includes relevant details such as the selling price, annual footfall, expected net proceeds, and the CEO’s statement on their priorities. The information is presented in a clear and concise manner without any apparent bias or misleading content.
Noise Level: 3
Noise Justification: The article provides relevant information about a company’s strategy to fix its balance sheet and specific transactions related to that strategy. However, it lacks in-depth analysis or exploration of the consequences of these decisions on various stakeholders and does not offer much actionable insights for readers.
Financial Relevance: Yes
Financial Markets Impacted: Intu Properties, Canada Pension Plan Investment Board, ECE European Prime Shopping Centre Fund II
Financial Rating Justification: The article discusses the sale of a shopping centre by Intu Properties and its impact on the company’s balance sheet and financial position, as well as mentioning other disposals and transactions involving financial entities such as Canada Pension Plan Investment Board and ECE European Prime Shopping Centre Fund II. This makes it relevant to financial topics and has an impact on the companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

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