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INTU PROPERTIES PLC - Formation of Joint Venture at Intu Uxbridge

Release Date: 05/06/2014 13:15
Code(s): ITU     PDF:  
Wrap Text
Formation of Joint Venture at Intu Uxbridge

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code:  GB0006834344
JSE Code:   ITU

5 JUNE 2014

INTU PROPERTIES PLC

FORMATION OF JOINT VENTURE AT INTU UXBRIDGE, INTRODUCING KWAP AS 80
PER CENT PARTNER WITH INTU RETAINING 20 PER CENT

Intu has today entered into a joint venture agreement in respect of intu Uxbridge.

Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”), the £19 billion (Malaysian Ringgit
106 billion) Malaysian pension fund, has acquired an 80 per cent interest in intu Uxbridge for
£175 million, representing a two per cent premium to its 31 December 2013 valuation of
£213.9 million (100% basis).

Intu retains a 20 per cent interest and will continue to manage the centre on behalf of the
joint venture.

The transaction is in line with Intu's stated strategy of recycling capital into its £1.2 billion
development pipeline and demonstrates our capability to grow the scale of our business
under the nationwide intu shopping centre brand.

Intu will repay existing bank debt and terminate associated swaps amounting to around £155
million in aggregate. Net rental income for intu Uxbridge for the year ended 31 December
2013 was £11.7 million.

David Fischel, Chief Executive, commented:

“We are delighted to have entered into this partnership, establishing a relationship with a
significant overseas investor and demonstrating the investment demand for prime UK
shopping centres under the management of a specialist operator such as Intu. The
transaction is a useful step in recycling capital into our substantial development pipeline. We
look forward to working with our new partner, KWAP.”

ENQUIRIES

Intu Properties plc
David Fischel           Chief Executive                                           +44 (0)20 7960 1207
Matthew Roberts         Finance Director                                          +44 (0)20 7960 1353
Kate Bowyer             Business Relations Director                               +44 (0)20 7960 1250

Public relations
UK:                     Michael Sandler/Wendy Baker, Hudson Sandler               +44 (0)20 7796 4133
SA:                     Frédéric Cornet, Instinctif                                +27 (0)11 447 3030

Sponsor:
Merrill Lynch South Africa (Pty) Ltd

NOTES FOR EDITORS

1. Intu Properties plc (“Intu”)
Intu owns and operates some of the very best shopping centres, in some of the strongest locations right across
the country, including twelve of the UK’s top 25. You can find the UK’s top retailers in our shopping centres,
alongside some of the world’s most iconic global brands.
With over 21 million sq ft of retail space, our centres attract over 400 million customer visits a year and more than
two thirds of the UK population live within a 45 minute drive time of one of our centres.
At the forefront of UK shopping centre evolution since the 1970s, our focus is on creating compelling destinations
for customers with added theatre.
Our nationwide consumer facing shopping centre brand - intu - is transforming our customer experience and
digital proposition, including a transactional website with a view to providing the UK’s leading shopping centre
experience both on and off-line at 15 centres
We have an investment plan of £1.2 billion over the next ten years with projects at most of our centres.
Over 80,000 people are employed within our centres across the UK and we are fully committed to supporting our
local communities and the wider environment through meaningful and hands-on initiatives.
For further information see www.intugroup.co.uk

2. Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”)
KWAP or the Retirement Fund (Incorporated) was established on 1st March 2007 under the Retirement Fund Act
2007 (Act 662) replacing the repealed Pensions Trust Fund Act 1991 (Act 454).
The objective of KWAP is to manage the fund (the “Fund”) established under Section 13 of Act 662 towards
achieving optimum returns on its investments. The Fund shall be applied towards assisting the Federal
Government in financing its pension liability.
For more information about KWAP, visit their website : www.kwap.gov.my

3. intu Uxbridge
intu Uxbridge is a 440,000 sf ft shopping centre valued at £213.9 million at 31 December 2013. Opened in 2001,
anchored by Debenhams, Next, H&M, Top Shop, and an IMAX cinema, the centre attracts around 12 million
customer vists each year. Uxbridge is one of London’s major metropolitan centres, situated 15 miles from
Charing Cross near the M25 London orbital motorway and close to Heathrow airport. It is a significant retail,
leisure and commercial centre with 40,000 office workers including the European headquarters of a number of
global blue chip companies (including Apple, Coca Cola, Cadbury and Xerox), while the nearby Brunel University
campus is home to nearly 15,000 students.

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