Error importing dependency spring boot - spring

Question

I have created a project using spring initializer and imported it in intellij enterprice edition. the Pom file is autogenerated and looks like
<?xml version="1.0" encoding="UTF-8"?>
<project xmlns="http://maven.apache.org/POM/4.0.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/xsd/maven-4.0.0.xsd">
<modelVersion>4.0.0</modelVersion>
<groupId>com.example</groupId>
<artifactId>reservation-service</artifactId>
<version>0.0.1-SNAPSHOT</version>
<packaging>jar</packaging>
<name>reservation-service</name>
<description>Demo project for Spring Boot</description>
<parent>
<groupId>org.springframework.boot</groupId>
<artifactId>spring-boot-starter-parent</artifactId>
<version>1.3.8.RELEASE</version>
<relativePath/> <!-- lookup parent from repository -->
</parent>
<properties>
<project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
<project.reporting.outputEncoding>UTF-8</project.reporting.outputEncoding>
<java.version>1.8</java.version>
</properties>
<dependencies>
<dependency>
<groupId>org.springframework.cloud</groupId>
<artifactId>spring-cloud-starter-config</artifactId>
</dependency>
<dependency>
<groupId>org.springframework.boot</groupId>
<artifactId>spring-boot-starter-data-jpa</artifactId>
</dependency>
<dependency>
<groupId>org.springframework.boot</groupId>
<artifactId>spring-boot-starter-data-rest</artifactId>
</dependency>
<dependency>
<groupId>org.springframework.boot</groupId>
<artifactId>spring-boot-starter-web</artifactId>
</dependency>
<dependency>
<groupId>com.h2database</groupId>
<artifactId>h2</artifactId>
<scope>runtime</scope>
</dependency>
<dependency>
<groupId>org.springframework.boot</groupId>
<artifactId>spring-boot-starter-test</artifactId>
<scope>test</scope>
</dependency>
</dependencies>
<dependencyManagement>
<dependencies>
<dependency>
<groupId>org.springframework.cloud</groupId>
<artifactId>spring-cloud-dependencies</artifactId>
<version>Brixton.SR7</version>
<type>pom</type>
<scope>import</scope>
</dependency>
</dependencies>
</dependencyManagement>
<build>
<plugins>
<plugin>
<groupId>org.springframework.boot</groupId>
<artifactId>spring-boot-maven-plugin</artifactId>
</plugin>
</plugins>
</build>
however, the project won't compile can not resolve the dependency of spring-boot-starter-parent and shows error in <version>1.3.8.RELEASE</version>
I have tried to reimport the pom dependencies and restart intellij. I can not find any imported library in my project structure since maven fails to resolve dependency