UK-based private equity firm Orion Capital Managers is close to clinching the acquisition of a 50% stake in the Puerto Venecia shopping centre project in Zaragoza, northern Spain, well-informed market sources have told PropertyEU. The vendor is Spanish developer and investor Copcisa Corporación.

The asset, with an estimated value at completion of EUR 420 mln, is owned through a company named Eurofund Investments Zaragoza which has an elaborate financing facility of around EUR 300 mln. The acquisition of the 50% interest is expected to amount to net equity of around EUR 55 mln.

Copcisa owns the 50% interest jointly with other private investors through the Redade NV vehicle. An agreement is expected to be reached within the next two months. British Land, which stepped into the project in May 2006, is retaining its 50% stake. Copcisa, the investment company of the Carbonell family, is selling the asset to strengthen its highly-leveraged investment portfolio.

With more than 206,000 m2 and 250 units, Puerto Venecia will become Europe's largest shopping and leisure centre on completion. It will include an 83,000-m2 retail park anchored by Ikea and El Corte Inglés as well as 10,000 parking spaces. The project was started in 2000 and is a 50/50 joint venture between Spain's Copcisa and British Land, representing the UK REIT's first investment in the Spanish market.

Cushman & Wakefield is advising on the deal. Orion and C&W declined to comment.