Generali Shopping Center Fund, a fund managed by Generali Real Estate S.p.A. and UniImmo: Deutschland managed by Union Investment Real Estate GmbH agreed to acquire 98.42% stake in Zaragoza Properties, S.A. (BME:YZPS) from intu properties plc (LSE:INTU) and Canada Pension Plan Investment Board for approximately €480 million on September 19, 2019. On December 20, 2019, an agreement was signed between the parties. As per the terms of the transaction 5.06 million shares are being acquired. Pursuant to the transaction, the investors are acquiring 50% stake each respectively; with intu properties plc (LSE:INTU)'s share as €237.7 million. In a related transaction, Otto Ganter GmbH & Co. KG acquired intu Asturias from intu properties plc (LSE:INTU). Alejandro Meca, Jaime Pérez-Bustamante, Fredrik Lowhagen, Adolfo Guerrero and Miguel Andreu of Linklaters, S.L.P. acted as legal advisors to intu properties plc and Canada Pension Plan Investment Board. The transaction is part of intu's stated strategy of fixing its balance sheet and will deliver net proceeds to intu of around €115 million after repaying asset-level debt, working capital adjustments and taxation.

The closing of the transaction is subject to certain completion conditions, including regulatory approvals, and delisting from MAB. As of March 26, 2020, the regulatory approvals were delayed due to impact of COVID-19 in Europe. The transaction is expected to complete in early 2020. As of March 4, 2020, the transaction is expected to complete in early April, 2020. intu will use the net proceeds to repay debt with the transaction reducing loan to value by around 1%. Generali Real Estate is acquiring two shopping centres, the Puerto Venecia shopping centre, and the Intu Asturias shopping centre €425 million.

UBS Group AG acted as financial advisor and CBRE acted as real estate advisor to intu properties. Cushman & Wakefield acted as real estate advisor to the buyers in this transaction. Axis Retail Partners advised Generali Real Estate in the transaction.

Generali Shopping Center Fund, a fund managed by Generali Real Estate S.p.A. and UniImmo: Deutschland managed by Union Investment Real Estate GmbH completed the acquisition of 98.42% stake in Zaragoza Properties, S.A. (BME:YZPS) from intu properties plc (LSE:INTU) and Canada Pension Plan Investment Board on May 13, 2020.