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Intu Properties PLC (INTUP.L)

INTUP.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Intu Properties launches offering of 350 mln stg convertible bonds
Tuesday, 25 Oct 2016 02:00am EDT 

Intu Properties Plc : Announces launch of an offering of 350 million stg of guaranteed convertible bonds due 2022 ( "bonds"), with an increase option of up to 50 million stg . Intends to use net proceeds of offering to: . Complete committed pipeline of developments of 212 million stg over next two years . Refinance 101 million stg drawn on revolving credit facility for 410 million stg acquisition of remaining 50 per cent of Intu Merry Hill in June 2016 . These are expected to be accretive to both earnings and net asset value per share after taking account of offering . Expected stabilised initial yield on these projects will be in range of 6 per cent and 10 percent . Intends to use the net proceeds provide sufficient overall financial facilities to enable company to pursue further projects . BofA Merrill Lynch, Credit Suisse and HSBC are acting as joint global coordinators and joint bookrunners . UBS Investment Bank is acting as co-bookrunner and Lloyds is acting as co-manager in connection with offering .Rothschild is acting as adviser to company.  Full Article

Intu Properties says post-Brexit consumer confidence robust
Tuesday, 25 Oct 2016 02:00am EDT 

Intu Properties Plc : Occupancy is 95.6 per cent, a reduction of 0.6 per cent against June 2016 (96.1 per cent) . Since Brexit consumer confidence has remained robust and UK unemployment remains at low levels, but financial markets to be turbulent . Sentiment in overall UK property investment market since vote would indicate a small decline in market values across many sectors including retail property . Opportunities to improve tenant mix at intu Lakeside and intu Merry Hill could impact 2017 growth by 2 per cent to 3 per cent . UK development pipeline on track with new restaurants at intu eldon square now handed over to occupiers . Anticipated promotional revenue for year now fully secured . Says year-on-year footfall to date is up by 1.2 per cent in UK . Expect this momentum to continue in 2017 with good progress on lettings and rent reviews as set out in this statement .Remain on target to deliver growth in like-for-like net rental income for 2016 in range of 3 per cent to 4 per cent..  Full Article

Intu Properties sells stake in intu Bromley for 177.9 mln stg
Tuesday, 25 Oct 2016 02:00am EDT 

Intu Properties Plc : Intu properties plc - disposal of intu Bromley . Has exchanged contracts to sell its 63.525 per cent stake in Intu Bromley to Alaska Permanent Fund Corporation ('APFC') for 177.9 million stg . Representing a premium to its 30 June 2016 valuation of 175.9 million stg . Topped-Up net initial yield based on market value at 30 June 2016 was 5.7 per cent . As part of transaction, APFC have also acquired Aviva's 21.475 per cent interest in centre .Intu will repay from proceeds current bank debt secured on asset of 95.8 million stg.  Full Article

Intu raises guidance on growth in like-for-like net rental income for 2016
Thursday, 28 Jul 2016 02:05am EDT 

Intu Properties Plc : For first six months, a 10 percent increase in underlying earnings per share driven by growth in net rental income of 7.5 percent on like-for-like basis . Established retailers, Zara and Next, upsizing space and we have welcomed new lifestyle brands and international retailers . Expect growth to be weighted to first half of 2016 because of pattern of tenant events in year .Raising our guidance on growth in like-for- like net rental income for 2016 to 3 per cent to 4 per cent range.  Full Article

Intu Properties buys remaining 50 pct of Merry Hill Estate for 410 mln stg
Monday, 20 Jun 2016 07:05am EDT 

Intu Properties Plc : Acquisition of the remaining 50 per cent of the Merry Hill Estate for 410 million stg . Deal represents an income yield of 5.2 per cent, based on net rental income of 43 million stg. . Estate comprises Intu Merry Hill shopping centre, two retail parks, office and leisure uses along with development land. . Acquisition, which is scheduled to complete shortly, is expected to be earnings accretive from completion . 500 million stg loan has been arranged, with a 2018 maturity, which will replace current 191 million stg loan facility, maturing in 2017 .Pro forma loan to value increases to 43 per cent compared with 41 per cent at 31 March 2016.  Full Article

Intu Properties buys remaining 50 pct of Merry Hill Estate
Friday, 17 Jun 2016 12:16pm EDT 

Intu Properties Plc : Acquisition of remaining 50 per cent of merry hill estate for £410 million . Deal represents an income yield of 5.2 per cent, based on net rental income of £43 million. .Acquisition, which is scheduled to complete shortly, is expected to be earnings accretive from completion.  Full Article

Intu Properties confirms talks with Australia's QIC over Intu Merry Hill deal
Thursday, 16 Jun 2016 04:05am EDT 

Intu Properties Plc : Response to media comment . Intu confirms that it is in advanced discussions with QIC regarding potential acquisition of QIC's 50 per cent interest in Intu Merry Hill in West Midlands . If acquisition were to proceed, consideration is likely to be around 410 million pounds and would be funded through a combination of new debt and existing resources . Whilst discussions are ongoing, there can be no certainty that any transaction will be undertaken. .Acquisition would be funded through a combination of new debt and existing resources.  Full Article

Intu Properties Plc recommends interim dividend
Thursday, 30 Jul 2015 02:02am EDT 

Intu Properties Plc:Says it is recommending an interim dividend of 4.6 pence per share in line with the 2014 interim dividend.  Full Article

Intu announces amendment and extension of secured group structure term loan
Monday, 22 Jun 2015 02:01am EDT 

Intu Properties plc:Announces amendment and extension of secured group structure term loan.Announces margin reduction and extension to 352 million pounds term loan.Maturity date has also been extended by two years to March 2020.  Full Article

Intu Properties Plc updates on payment of dividend
Tuesday, 24 Mar 2015 11:40am EDT 

Intu Properties Plc:Updates on payment of final dividend of 9.1 pence per share.Payable on May 28.  Full Article

UPDATE 2-Intu to sell stake in London mall at slim post-Brexit premium

Oct 25 Intu Properties has agreed to sell its stake in a London mall for a slightly higher price than its value before Britain's vote to leave the European Union, and it said long-term lease demand by international retailers remained strong.