The Canada Pension Plan Investment Board has invested £250m in a subordinated facility for shopping centre owner intu.
The facility will be secured by the intu Trafford Centre in Manchester, and will support intu’s business plans.
Intu Trafford covers 1.9m sq ft, and has 230 shops and 65 catering and leisure tenants.
In its results, released today, the retail REIT revealed that it had £920m in cash and facilities that it intended to invest in the UK and Spain.
CPPIB and intu have joint ownerships in leading shopping centres in Spain, including intu Asturias in Oviedo and Puerto Venecia in Zaragoza.
Geoff Souter, CPPIB’s managing director, head of private real estate debt, said: “This investment fits with our strategy of providing customized, large-scale funding to operators of high-quality underlying real estate assets.”
Matthew Roberts, chief financial officer, intu, said: “This facility gives us further flexibility to progress our development pipeline, extending and enhancing our centres.”
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
