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MARK BLINCH/Reuters

The Canada Pension Plan Investment Board is preparing to buy a half-interest in a Spanish shopping centre for the equivalent of about $311-million.

The Toronto-based fund manager says the Puerto Venecia shopping centre in Zaragoza, Spain, would be owned by a new joint venture between the CPPIB and Intu Properties PLC.

They already have a partnership through the Parque Principado shopping centre in Oviedo, Spain, which they acquired in October 2013.

Intu owns and operates mostly U.K. retail and leisure properties and has been growing in the Spanish market.

It bought Puerto Venecia in January for €451-million, or C$623-million at current exchange rates. CPPIB will pay €225.4-million for a 50 per cent interest in the property.

The CPPIB invests money on behalf of the Canada Pension Plan. As of March 31, it managed assets worth $264.6-billion.