Canada’s biggest pension fund is poised to raise its stake in Intu Properties’ Spanish shopping centres.
The Times reports that Canada Pension Plan Investment Board is in talks with Intu, a British company, over increasing its ownership of the shopping centres, which include Intu Asturias in Oviedo, northern Spain, and Puerto Venecia in Zaragoza, in the northeast.
The pension fund already has a 50%. Intu also shares control of the Xanadú shopping centre in Madrid in a joint venture with Nuveen Real Estate.
The Sunday Times reports that Intu is eyeing the sale of its £860m Spanish portfolio as it tries to cut its debts in the wake of two failed takeover bids.
