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Disposal of intu Bromley
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
Intu Properties plc (“intu”)
25 OCTOBER 2016
INTU PROPERTIES PLC
DISPOSAL OF INTU BROMLEY
intu properties plc (‘intu’) has exchanged contracts to sell its 63.525 per
cent stake in intu Bromley to Alaska Permanent Fund Corporation (‘APFC’)
for £177.9 million, representing a premium to its 30 June 2016 valuation of
£175.9 million. The topped-up net initial yield based on market value at 30
June 2016 was 5.7 per cent.
intu Bromley is located in London’s largest borough and has an annual
footfall of 20 million. intu has repositioned the asset having undertaken a
successful mall refurbishment programme which improved the tenant mix of
the centre and most recently with the fully let Queen’s Garden restaurant
terrace.
As part of the transaction, APFC have also acquired Aviva’s 21.475 per cent
interest in the centre. London Borough of Bromley is retaining its 15 per
cent interest and freehold. The centre will be managed by LaSalle
Investment Management on behalf of APFC. Completion is expected before the
end of the year.
The transaction is in line with intu’s stated strategy of recycling capital
into its £600 million UK development pipeline. intu will repay from the
proceeds the current bank debt secured on the asset of £95.8 million.
David Fischel, Chief Executive, commented:
“We are pleased to have successfully concluded this transaction which
enables us to recycle capital into our UK development programme focused on
our super-regional assets and, at a consideration above our June 2016
market value, demonstrates the continuing investment demand for prime UK
shopping centres.”
ENQUIRIES
Intu Properties plc
David Fischel Chief Executive +44 (0)20 7960 1207
Matthew Chief Financial Officer +44 (0)20 7960 1353
Roberts
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited
NOTES FOR EDITORS
intu is the UK's leading owner, manager and developer of prime regional
shopping centres with a growing presence in Spain.
We are passionate about creating uniquely compelling experiences, in centre
and online, that attract customers, delivering enhanced footfall, dwell
time and loyalty. This helps our retailers flourish, driving occupancy and
income growth.
A FTSE 100 company, we own many of the UK's largest and most popular retail
destinations, including nine of the top 20, with super regional centres
such as intu Trafford Centre and intu Lakeside and vibrant city centre
locations from Newcastle to Watford.
We are focused on four strategic objectives: optimising the performance of
our assets to provide attractive long term total property returns,
delivering our UK development pipeline to add value to our portfolio,
leveraging the strength of our brand and seizing the opportunity in Spain
to create a business of scale.
We are committed to our local communities and to operating with
environmental responsibility. Our centres support over 120,000 jobs
representing about 4% of the total UK retail workforce.
Our success creates value for our retailers, investors and the communities
we serve.
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