Error importing dependency spring boot

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