Shareholder meeting in respect of exercise of option to acquire site for prime retail and leisure resort in Spain

Intu Properties plc (the"Company" or "Intu") announces that it has exercised the option  to purchase certain land in the province of Malaga, Spain, from subsidiaries of the Peel Group. The exercise of the option is further to arrangements entered into with the Peel Group on 17 February 2012, which were approved by shareholders of the Company, and is also subject to approval from the shareholders of the Company.  A circular and notice of general meeting will be posted to shareholders on 9 March 2015 with a general meeting scheduled to be held on 15 April 2015.

The option relates to a site comprising two adjacent parcels of land which are approximately 24 hectares (the "Primary Land") and approximately 6 hectares (the "Galvez Land"). The purchase price for the Primary Land includes a €7.5 million deposit which has been paid by Intu to the Peel Group and €30 million which will be payable by Intu on the completion of the transaction ("Completion").  The Peel Group will apply the sum of €30 million in subscribing for Intu ordinary shares in accordance with, and at a price established by, the terms set out in the original option agreement and which are described in full in the circular. The purchase price for the Galvez Land is €8,075,000, payable in cash on Completion. In addition, certain agreed liabilities already accrued by the Peel Group ("Pre-Construction Project Costs") which have been shared between Peel Group and Intu, will be borne by Intu and Intu will take on certain guarantees currently provided by the Peel Group. The Company has also incurred approximately €4.2 million of costs to date during the period.  As part of the Completion, Intu will also take on an arrangement under which it can purchase additional land from a third party for the purposes of the development. If Intu elects to proceed with this arrangement, it will pay to that third party the remainder of the purchase price for this additional land of €4.8 million.

The full announcement is available for download below.

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