INTU PROPERTIES PLC - Intu Properties plc and Lasalle Investment Management Announce creation of a Joint Venture to own Intu Chapelfield

Intu Properties plc and Lasalle Investment Management Announce creation of a Joint Venture to own Intu Chapelfield

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code:     GB0006834344
JSE Code:      ITU
intu Properties plc (“intu”)

LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated information
required to be disclosed under the laws of a Member State of the EU.

2 NOVEMBER 2017

INTU PROPERTIES PLC AND LASALLE INVESTMENT MANAGEMENT ANNOUNCE CREATION OF
A 50/50 JOINT VENTURE TO OWN INTU CHAPELFIELD

intu properties plc (‘intu’) and LaSalle Investment Management (‘LaSalle’)
acting on behalf of Greater Manchester Pension Fund and West Yorkshire
Pension Fund are forming a partnership to jointly own intu Chapelfield
shopping centre in Norwich.

LaSalle will acquire a 50 per cent interest in the property for net
consideration of £148 million, before working capital adjustments, which
represents a net initial yield of 5.0%. The consideration for the 50 per
cent interest is in line with the valuation at 31 December 2016 of £296
million (100 per cent) and a small discount to the valuation at 30 June
2017 of £305 million (100 per cent). The net rental income of the property
was £15.5 million for the year ended 31 December 2016.

intu Chapelfield is located in the centre of Norwich and a key retail
destination in East Anglia, with an annual footfall of 12 million. The
centre provides 90 units and includes key retailers such as House of
Fraser, Apple, Zara, River Island, H&M and Boots.

intu will continue to manage the centre on behalf of the joint venture. The
closing of the transaction is subject to EU merger clearance.

The transaction further advances intu’s stated strategy of introducing
investment partners to its assets and recycling capital into its UK
development pipeline. intu will use the net proceeds of the transaction to
repay debt on its revolving credit facility and to invest into its
committed development pipeline.

David Fischel, intu Chief Executive, commented:
“We look forward to working with LaSalle Investment Management on intu
Chapelfield which, since its opening in 2005, has firmly established itself
as the prime retail destination in East Anglia.”

Tom Rose, Fund Manager at LaSalle, said:
“I am delighted with this investment that we have made on behalf of the
Greater Manchester and West Yorkshire Pension Funds, and also to be
partnering with intu. This is an acquisition that we believe will provide
long-term value. It is a quality asset in an affluent catchment area, well-
aligned with our strategy for UK investments.

Councillor Kieran Quinn, Leader of Tameside Council and Chair of GMPF
(Greater Manchester Pension Fund), added:
“This is an excellent addition to our portfolio. Greater Manchester Pension
Fund, which is the largest Local Government pension fund in the country and
managed by Tameside Council, is committed to achieving sustainable long-
term investment returns for our members’ pension requirements. I am
confident that the partnership between LaSalle and intu will prove
successful in its management of this asset.”

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           +27 (0)11 447 3030
                Partners

LaSalle Investment Management
Lydia Eades    Head of EMEA Corporate                 +44 (0)20 7852 4110
               Communications

JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited

NOTES FOR EDITORS

About intu
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.

We own many of the UK's largest and most popular retail destinations, 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 deliver attractive long-term total property returns,
progressing 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, our centres support over 120,000
jobs representing about 4 per cent of the total UK retail workforce, and to
operating with environmental responsibility.
Our success creates value for our retailers, investors and the communities
we serve.

About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate
investment managers with approximately $59 billion of private and public
equity and private debt investments under management (as of Q2 2017).

LaSalle’s diverse client base includes public and private pension funds,
insurance companies, governments, corporations, endowments and private
individuals from across the globe.

LaSalle sponsors a complete range of investment vehicles including separate
accounts, open- and closed-end funds, public securities and entity-level
investments. LaSalle is a wholly-owned, operationally independent sub-
sidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest
real estate companies. For more information please visit www.lasalle.com.

Date: 02/11/2017 09:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.