Product Code Database
Intu Properties plc was a British real estate investment trust (REIT), largely focused on shopping centre management and development. Originally named Transatlantic Insurance Holdings plc and later Liberty International plc, it changed its name in May 2010 to Capital Shopping Centres Group plc after demerging its Capital & Counties Properties business unit to form an independent business. The company adopted the Intu name on 18 February 2013, and this was followed by the rebranding of most of its shopping centres under the Intu title from May 2013.
The company's shares were listed on the London and JSE Limited stock exchanges until it entered administration in June 2020. The company owned or part-owned 17 shopping centres in the UK and one in Spain prior to entering administration.
The company also disposed of a significant holding in its subsidiary Capital and Counties USA, which was acquired by Equity One in May 2010. Equity One was later acquired by Regency Centers Corporation.
In 2011, CSC purchased the Trafford Centre from 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, valuing the Trafford Centre at approximately £1.65 billion. Whittaker continued to purchase shares after the takeover and became the largest shareholder in 2012, with a stake of 24.63%.
CSC purchased the Westfield Group's 75% stake in Intu Broadmarsh in Nottingham in November 2011.
In March 2014, Intu announced that it had purchased the Merry Hill Shopping Centre and Derbion for a £867.8m property deal that saw Intu take complete ownership of Westfield's Derby shopping centre and Sprucefield Park in Northern Ireland.
In December 2017, the company agreed to a takeover by property development company Hammerson for £3.4 billion, subject to shareholder approval. In April 2018, Hammerson recommended that its shareholders reject the proposed takeover. With Intu hit by declining footfall on the high street and failures among major retailers, Peel Group, Olayan Group, and Brookfield Property launched a £2.8bn takeover bid in October, but, after due diligence procedures, they withdrew the offer in November 2018.
In November 2019, Intu said it was in talks to sell three Spanish shopping centres: Puerto Venecia in Zaragoza, intu Asturias in Oviedo, and intu Xanadu in Madrid. In December 2019, it sold its share in the Zaragoza asset for €237.7 million, delivering net proceeds of around €115m. The following month it sold its Oviedo asset, raising around €85 million.
In August, Intu SGS, a subsidiary of Intu and holding company for Intu Watford, Braehead, Victoria Centre and Lakeside, received funding to take full control of the four centres, appointing Global Mutual as asset manager and Savills as property manager. Intu SGS took full control of the four centres, with Global Mutual & Savills assuming management, in October. In September, the transfers of Intu Derby, Merry Hill, and Milton Keynes to new owners were confirmed. Intu announced that Chapelfield would also be transferred to new owners, although these were not identified.
| Braehead | £288.9m | Renfrew, Renfrewshire (near Glasgow) | Intu 100% | Sale to Intu SGS agreed, renamed Braehead Shopping Centre |
| Broadmarsh | Nottingham, Nottinghamshire | Was Intu 70%, Nottingham City Council 30% | Permanently closed its doors before Intu's closure, ownership was handed back to Nottingham City Council. | |
| intu Bromley | £200m | Bromley, Bromley | Was Intu 63.5%, Aviva 21.5%, 15% London Borough of Bromley | Ownership from Intu and Aviva was taken over by Alaska Permanent Fund in late 2016 and was renamed back to The Glades |
| Chantry Place | £106.5m | Norwich, Norfolk | Intu 50%, LaSalle Investment Management 50% | Management taken over by LaSalle Investment Management and mall renamed Chantry Place |
| Derbion | £77.3m | Derby, Derbyshire | Intu 50%, LaSalle Investment Management 50% | 50% sold to Cale Street Investments giving them 100% ownership. Mall renamed Derbion |
| intu Eldon Square | £214.1m | Newcastle, Tyne and Wear | Intu 60%, Newcastle City Council 40% | Management taken over by MAPP and mall renamed Eldon Square |
| intu Lakeside | £1,000.0m (£1 billion) | West Thurrock, Essex (near London) | Intu 100% | Sale to Intu SGS agreed |
| intu Metrocentre | £676.8m | Gateshead, Tyne and Wear | Intu 54%, GIC Real Estate 36%, Church Commissioners 10% | Management taken over by Sovereign Centros |
| intu Merry Hill | £587.6m | Dudley, West Midlands | Intu 100% as of June 2016 | Sale to Ellandi agreed |
| intu Milton Keynes | £212.5m | Milton Keynes | Intu 100% | Sale to Ellandi agreed and mall renamed Midsummer Place |
| intu Potteries | Hanley, Stoke-on-Trent, Staffordshire | Transferred to MAPP and mall renamed The Potteries Centre | ||
| Trafford Centre | £1,669.5m (£1.67 billion) | Trafford, Greater Manchester | Transferred to The Trafford Centre Limited and mall renamed The Trafford Centre | |
| intu Uxbridge | Uxbridge, Greater London | Intu 20%, Kumpulan Wang Persaraan 80% | Management transferred to Savills and mall renamed The Chimes | |
| Victoria Centre | £201.0m | Nottingham, Nottinghamshire | Sale to Intu SGS agreed | |
| Atria Watford | £324.9m | Watford, Hertfordshire | Intu 93%, Watford Borough Council 7% | Sale to Global Mutual and mall renamed atria Watford |
| Cribbs Causeway | £159.3m | Almondsbury, Gloucestershire (near Bristol) | Intu/M&G Real Estate 66%, JT Baylis 34% | Intu share transferred to M&G Real Estate |
| Manchester Arndale Centre | £309.0m | Manchester, Greater Manchester | Intu/M&G Real Estate 95.3%, Others 4.7% | Intu share transferred to M&G Real Estate |
| St. David's | £230.0m | Cardiff | Intu 50%, Land Securities 50% | Intu share transferred to Land Securities |
| intu Xanadú | £233.8m | Madrid, Spain | intu 50%, TH Real Estate 50% | intu 50% to be sold to Northwood by the end of 2020 |
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