Intu Properties
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| Public limited company | |
| Traded as | LSE: INTU, JSE: ITU |
| Industry | Property |
| Founded | 1980 (as Liberty International) |
| Headquarters | London, United Kingdom |
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Area served
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United Kingdom, Spain |
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Key people
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Patrick Burgess (Chairman) John Whittaker (Deputy Chairman) David Fischel (CEO) |
| Products | Investment and development of shopping centres and other commercial property |
| Revenue | £571.6 million (2015)[1] |
| £617.6 million (2015)[1] | |
| Profit | £517.6 million (2015)[1] |
| Website | www |
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 owns or part-owns 18 shopping centres in the UK and one in Spain. The firm's shares are listed on the London and Johannesburg stock exchanges and it is a constituent of the FTSE 100 Index.
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.
History
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]
In 2011, CSC purchased the Trafford Centre undertaking £750 million of debt from owners 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.[6] Whittaker continued to purchase shares after the takeover and became the largest single shareholder in 2012 with a stake of 24.63%.[7]
CSC purchased the Westfield Group's 75% stake in Westfield Broadmarsh in Nottingham in November 2011.[8]
In January 2013, CSC announced its rebranding to intu, and the renaming of 12 of its shopping centres to incorporate that name.[9][10] A new orange and black brand identity was introduced at the same time, including a bird logo said to represent a "symbol of joy".[11]
The company announced on 27 February 2013 that it had agreed to purchase Midsummer Place in Milton Keynes from Legal & General for £250.5 million. The sale was completed by the end of March 2013.[12]
In March 2014 intu announced that they had purchased the Merry Hill Centre and Westfield 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.[13]
Properties
As of 31 December 2015 the company's investment properties were valued at £9.8 billion.[1] Intu owns or part-owns 18 shopping centres in the UK, which are:[14]
| Name | Location | Ownership (intu 100% unless stated) |
|---|---|---|
| intu Braehead | Renfrew, Renfrewshire (near Glasgow) | |
| intu Broadmarsh | Nottingham, Nottinghamshire | Intu 75%, PossFund 25% |
| intu Bromley | Bromley, Greater London | Intu 63.5%, Aviva 21.5%, Bromley London Borough Council 15% |
| intu Chapelfield | Norwich, Norfolk | |
| intu Derby | Derby, East Midlands | |
| intu Eldon Square | Newcastle, Tyne and Wear | Intu 60%, Newcastle City Council 40% |
| intu Lakeside | West Thurrock, Essex (near London) | |
| intu Metrocentre | Gateshead, Tyne and Wear | Intu 54%, GIC Real Estate 36%, Church Commissioners 10% |
| intu Merry Hill | Dudley, West Midlands | Intu 50%, Queensland Investment Corporation (QIC) 50% |
| intu Milton Keynes | Milton Keynes | |
| intu Potteries | Hanley, Stoke-on-Trent, Staffordshire | |
| intu Trafford Centre | Trafford, Greater Manchester | |
| Intu Uxbridge | Uxbridge, Greater London | Intu 20%, Kumpulan Wang Persaraan 80% |
| intu Victoria Centre | Nottingham, Nottinghamshire | joint ownership with Nottingham City Council |
| intu Watford | Watford, Hertfordshire | Intu 93%, Watford Borough Council 7% |
| The Mall at Cribbs Causeway | Almondsbury, Gloucestershire (near Bristol) | Intu/Prudential 66%, ? 34% |
| Manchester Arndale Centre | Manchester, Greater Manchester | intu/Prudential 95.3%, ? 4.7% |
| St. David's | Cardiff | St David's Partnership / Intu 50%, Land Securities 50% |
References
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- ↑ 1.0 1.1 1.2 1.3 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Sir Donald Gordon - CV
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- ↑ Trafford Centre staff get makeover as redcoats axed, Manchester Evening News, January 2013
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