ECE, acting on behalf of the ECE European Prime Shopping Centre Fund II, has purchased the “intu Asturias” shopping centre in Oviedo. As a result, ECE Fund II is now fully invested. It is the first property in Spain for the ECE shopping centre funds. The seller is a joint venture company through affiliates of intu properties plc and Canada Pension Plan Investment Board. The purchase price amounts to €290m. ECE will be responsible for the asset management as well as central management and leasing and will continue to work with the current operator of the property, Cushman & Wakefield.
Opened in 2001, “intu Asturias” offers around 140 shops across a leasable area of c.74,000m² as well as c.5,000 parking spaces. The centre is located in the Asturias region, an economically strong region in the northern part of Spain. It has a very good market positioning and provides a potential for further value-add developments. Anchor tenants include Primark, Media Markt, H&M, an Eroski hypermarket, and the Inditex brands Zara and Bershka. Plans for further development include restructuring and modernization of parts of the centre and the addition of further attractive anchor tenants.