Intu Properties

Intu Properties plc
Public limited company
Traded as LSE: INTU, JSE: ITU
Industry Property
Founded 1980 (1980)
(as Liberty International)
Headquarters London, United Kingdom
Area served
 United Kingdom, Spain
Key people
 John Strachan (Chairman)
John Whittaker (Deputy Chairman)
David Fischel (CEO)
Products Investment and development of shopping centres and other commercial property
Revenue £616.0 million (2017)[1]
£408.6 million (2017)[1]
£203.3 million (2017)[1]
Website www.intugroup.co.uk

Intu Properties plc, formerly Capital Shopping Centres Group plc, is a British Real Estate Investment Trust (REIT), largely focused on shopping centre management and development. Originally named Liberty International plc, it changed its name in May 2010 to that of its major subsidiary, Capital Shopping Centres, after demerging its Capital & Counties Properties business unit to form an independent business. The company renamed itself as Intu Properties plc on 18 February 2013, which was followed by the rebrand of the majority of its shopping centres under the "Intu" name from May 2013. The company owns or part-owns 17 shopping centres in the UK and three in Spain. The firm's shares are listed on the London and Johannesburg stock exchanges and it is a constituent of the FTSE 250 Index.

History

Former Liberty International logo

The company was established by Sir Donald Gordon in 1980 under the name of Transatlantic Insurance Holdings plc as an offshoot Liberty Life Association of Africa, a business he had founded in 1957.[2] The Company developed into a leading investor in life assurance businesses in the 1980s and divested its remaining life assurance interests (a 29% holding in Sun Life) in 1991.[3] In 1992 it merged with Capital & Counties, a leading shopping centre developer, so securing itself a listing on the London Stock Exchange.[3] It changed its name to Liberty International in 1996[3] and, after demerging Capital & Counties Properties in May 2010, renamed itself Capital Shopping Centres Group.[4]

The company also disposed of a significant holding in its Californian subsidiary Capital and Counties USA, which was acquired by Equity One in May 2010.[5] Equity One was later acquired by Regency Centers Corporation.[6]

In 2011, CSC purchased the Trafford Centre from The Peel Group and offered a 20% stake in CSC to Peel chairman John Whittaker. The 20% stake in CSC was worth approximately £700m at the time, thus valuing the Trafford Centre at approximately £1.65 billion.[7] Whittaker continued to purchase shares after the takeover and became the largest single shareholder in 2012 with a stake of 24.63%.[8]

Former Capital Shopping Centres logo

CSC purchased the Westfield Group's 75% stake in Westfield Broadmarsh in Nottingham in November 2011.[9]

In January 2013, CSC announced its rebranding to intu, and the renaming of 12 of its shopping centres to incorporate the new consumer facing brand.[10][11] A new orange and black brand identity was introduced at the same time, including a bird logo said to represent a "symbol of joy".[12] At the same time and in response to changing consumer behaviour, intu also launched the UK’s first online shopping centre and insourced all shopping centre staff, previously employed by facilities management company Bilfinger Europa.[13]

The 2013 logo in landscaped form at intu Trafford Centre.

The company announced on 27 February 2013 that it had agreed to purchase Midsummer Place in Milton Keynes (now intu Milton Keynes) from Legal & General for £250.5 million. The sale was completed by the end of March 2013.[14]

In March 2014, intu announced that they had purchased the Merry Hill Centre (now intu Merry Hill) and Westfield Derby (now intu Derby) for a £867.8m property deal that sees intu take over complete ownership of Westfield’s Derby shopping centre and Sprucefield Park in Northern Ireland.[15]

In December 2017, the company agreed to a takeover by property development company Hammerson for £3.4 billion, subject to shareholder approval.[16] In April 2018, Hammerson recommended its shareholders reject the proposed takeover.[17]

Properties

As of 31 December 2017 the company's investment properties were valued at £9.2 billion.[1] Intu owns or part-owns 18 shopping centres in the UK, which are:[18]

Name Market value[19] Location Ownership (intu 100% unless stated)
intu Braehead £546m Renfrew, Renfrewshire (near Glasgow)
intu Broadmarsh N/A Nottingham, Nottinghamshire Intu 70%, Nottingham City Council 30%
intu Chapelfield £296m Norwich, Norfolk
intu Derby £450m Derby, East Midlands
intu Eldon Square £318m Newcastle, Tyne and Wear Intu 60%, Newcastle City Council 40%
intu Lakeside £1,375m West Thurrock, Essex (near London)
intu Metrocentre £945m Gateshead, Tyne and Wear Intu 54%, GIC Real Estate 36%, Church Commissioners 10%
intu Merry Hill £898m Dudley, West Midlands Intu 100% as of June 2016 [20]
intu Milton Keynes £281m Milton Keynes
intu Potteries £169m Hanley, Stoke-on-Trent, Staffordshire
intu Trafford Centre £2,312m Trafford, Greater Manchester
Intu Uxbridge N/A Uxbridge, Greater London Intu 20%, Kumpulan Wang Persaraan 80%
intu Victoria Centre N/A Nottingham, Nottinghamshire
intu Watford £336m Watford, Hertfordshire Intu 93%, Watford Borough Council 7%
The Mall at Cribbs Causeway £238m Almondsbury, Gloucestershire (near Bristol) Intu/Prudential 66%, JT Baylis 34%
Manchester Arndale Centre £445m Manchester, Greater Manchester Intu/Prudential 95.3%, Others 4.7%
St. David's N/A Cardiff Intu 50%, Land Securities 50%
intu Asturias Oviedo, Spain intu 50%, CPPIB 50%
Puerto Venecia Zaragoza, Spain intu 50%, CPPIB 50%
Xanadu Madrid, Spain intu 50%, TH Real Estate 50%

References

  1. 1 2 3 4 "Preliminary Results 2017" (PDF). Intu Properties. Retrieved 26 March 2018.
  2. ↑ Sir Donald Gordon - CV
  3. 1 2 3 "Intu: History". Intu Properties.
  4. ↑ "The UK's 10 most shorted stocks". City Wire. 21 September 2010. Retrieved 15 March 2015.
  5. ↑ "Equity One (EQY) Announces $600M Acquisition of Capital and Counties USA". Street Insider. 24 May 2010. Retrieved 15 May 2015.
  6. ↑ "Regency Centers and Equity One Announce Closing of Merger" (Press release). Business Wire. March 1, 2017.
  7. ↑ Thompson, Thomas (25 November 2010). "Trafford Centre set for £1.6bn sale to CSC group". The Independent. Retrieved 2012-03-08.
  8. ↑ "Whittaker spends £2m on CSC shares". Place North West. 14 March 2012. Retrieved 2012-03-14.
  9. ↑ "Westfield sells Nottingham's Broadmarsh shopping centre". BBC. 10 November 2011. Retrieved 17 February 2013.
  10. ↑ "Mall owner CSC to change name to intu properties". Reuters. 15 January 2013.
  11. ↑ "CSC announces new consumer brand and new online shopping portal". Intu Properties plc. 15 January 2013.
  12. ↑ Trafford Centre staff get makeover as redcoats axed, Manchester Evening News, January 2013
  13. ↑ "Award Winners 2015" (PDF). BIFM. Retrieved 26 March 2018.
  14. ↑ "Acquisition of Midsummer Place, Milton Keynes" (Press release). Intu Properties plc. 27 February 2013.
  15. ↑ "Merry Hill centre bought in £407.7m deal". 20 March 2014. Retrieved 21 March 2014.
  16. ↑ "Shopping centres sold in £3.4bn deal". 6 December 2017. Retrieved 6 December 2017.
  17. ↑ "Bullring owner Hammerson pulls back from Intu takeover". BBC News. 18 April 2018. Retrieved 18 April 2018.
  18. ↑ "Our centres". Intu Properties plc. 2013. Retrieved 21 February 2013.
  19. ↑ "Intu Properties PLC Final Results 2017". 23 February 2017. Retrieved 2017-10-11.
  20. ↑ "Merry Hill owner Intu accelerating plans for shopping centre revamp « Express & Star". Expressandstar.com. 2016-07-28. Retrieved 2017-04-08.
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