A joint venture between Intu Properties PLC and Canada Pension Plan Investment Board agreed to sell the intu Puerto Venecia Shopping Centre in Zaragoza, Spain, for €475.3 million.

Following the sale of the property to General Shopping Centre Fund SCS SICAV-SIF and Union Investment Real Estate GmbH, Intu said in a Dec. 23 release that it expects to receive net proceeds of about €115 million excluding debt repayments, taxes and working capital adjustments.

The proceeds will be used to repay debt, Intu added.

The closing of the deal, subject to conditions including regulatory approvals, is expected in early 2020.

Intu, which had major plans for the Spanish retail market, has recently been looking to sell off assets, as its debt-to-asset ratio rose following a 13% decline in the value of its British shopping center portfolio to £7.5 billion in 2018.