Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Intu Properties    INTU   GB0006834344

INTU PROPERTIES

(INTU)
  Report  
Delayed Quote. Delayed London Stock Exchange - 05/24 11:35:27 am
94 GBp   +0.82%
05/21INTU PROPERTIES : NED change
PU
05/20INTU PROPERTIES : Hotel Chocolat boutique sweetens the line-up at St David's
PU
05/20INTU PROPERTIES : AGM Trading statement 2019
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Intu Properties : sells shopping centre stake to Kuwait-backed fund to cut debt

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/18/2019 | 05:28am EDT

(Reuters) - Britain's Intu Properties plans to sell a 50 percent stake in an East Midlands shopping centre to a Kuwait-backed real estate investment firm for 186.3 million pounds in an attempt to cut its debt.

Cale Street Investments, which is backed by Kuwait's sovereign wealth fund, plans to buy half the interest in the Derby shopping centre, which is visited by 22 million shoppers each year, Intu said in a statement on Thursday.

"While expected, the transaction provides some confidence in Intu's ability to dispose of assets in what is a tough backdrop for retail assets – at a price which is supportive of current valuations," Liberum analyst James Ashley said.

Intu bought the shopping centre, which had net rental income of 25.2 million pounds in 2018 and houses retailers such as Marks & Spencer, Next, H&M, Sainsbury's and Zara, for 390 million pounds in 2014.

Intu, which has a market valuation of 1.33 billion pounds, has net external debt of 4.87 billion pounds, had in February said it would hold off on British disposals as investors weighed the outcome of Brexit.

In a bid to preserve cash, the owner of the Trafford Centre in Manchester which last year was the target of two failed takeover bids by rival Hammerson and some of its biggest shareholders, also scrapped its final dividend in 2018.

"On a pro-forma basis, we expect the impact of this transaction to reduce our loan to value by around one percent," Intu Chief Executive Matthew Roberts said.

Intu's debt to asset ratio stood at 53.1 percent in 2018, compared with 45.2 percent in 2017, according to its latest annual report. Intu plans to bring this below 50 percent.

Intu, which is also looking to sell assets in Spain, said the Derby shopping centre was valued at 372.5 million pounds at the end of last year.

Shares in Intu, which competes with British Land and Land Securities, were largely unchanged.

(Reporting by Samantha Machado and Pushkala Aripaka and Writing by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr and Alexander Smith)

By Samantha Machado and Pushkala Aripaka

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on INTU PROPERTIES
05/21INTU PROPERTIES : NED change
PU
05/20INTU PROPERTIES : Hotel Chocolat boutique sweetens the line-up at St David's
PU
05/20INTU PROPERTIES : AGM Trading statement 2019
PU
05/16INTU PROPERTIES : Metrocentre leisure offer soars with new climbing wall
PU
05/15British Land annual NAV declines on high-street retail closures
RE
05/09BLACKROCK : British mall operator Intu names investment chief
RE
05/03LONDON STOCK EXCHANGE : FTSE rises after HSBC profit beat, miners recover
RE
05/03Mall operator Intu forecasts fall in rental income, shares hit
RE
05/03INTU PROPERTIES : Trading Update for 1 January 2019 to 2 May 2019
PU
04/23INTU PROPERTIES : Notification of AGM Trading Update
PU
More news
Financials (GBP)
Sales 2019 461 M
EBIT 2019 386 M
Net income 2019 -873 M
Debt 2019 4 471 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 12,5x
EV / Sales 2020 12,5x
Capitalization 1 274 M
Chart INTU PROPERTIES
Duration : Period :
Intu Properties Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends INTU PROPERTIES
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 0,98  GBP
Spread / Average Target 4,1%
EPS Revisions
Managers
NameTitle
David Leo Fischel Chief Executive Officer & Executive Director
John Strachan Chairman
Gordon James McKinnon Operations Director
Edward Matthew Giles Roberts Chief Financial Officer
Gian Fulgoni Chief Information Systems Officer
Sector and Competitors
1st jan.Capitalization (M$)
INTU PROPERTIES-17.11%1 619
EQUINIX INC40.83%41 742
DIGITAL REALTY TRUST INC.12.60%24 990
REALTY INCOME CORPORATION11.88%22 204
ALEXANDRIA REAL ESTATE EQUITIES25.00%16 414
WP CAREY INC27.95%14 245