Intu Properties PLC (INTUP.L)
Latest Key Developments (Source: Significant Developments)
Intu Properties Plc:Is recommending a final dividend of 9.1 pence per share bringing the amount paid and payable in respect of 2014 to 13.7 pence, unchanged from 2013 as adjusted to reflect the 2014 rights issue. Full Article
Intu Properties Plc:Says that it has exchanged contracts with an entity indirectly fully owned by the Orion European Real Estate Fund III C.V. to acquire Puerto Venecia shopping centre and retail park in Zaragoza, Spain for e451 mln.This represents net initial yield of 5.0 pct based on net rental income of e22.4 mln.Eurofund, our development partner in Spain, was closely involved in the original development of this award winning centre which opened in 2008 (retail park) and 2012 (shopping centre).Says e225 million bridging loan has been obtained from HSBC, which Intu can exchange for a five year term loan secured on the asset, with the all-in cost of debt estimated to be around 3.5 pct.The balance of consideration will be met from Intu's existing resources.The acquisition, which is scheduled to complete in Jan. 2015, is expected to be earnings accretive. Full Article
Intu Properties Plc:Says 350 mln pounds bond issue for Intu (SGS) Finance plc following the transfer of the intu Derby and intu Chapelfield shopping centres into the secured group structure (SGS) funding platform as provided for under the program documentation.Says the 350 mln pounds 16 year 4.25 per cent bond priced at a spread of 165 basis points over the relevant gilt.In line with the rating of the existing bonds in the SGS the new bond is expected to be rated as A(sf) by Standard & Poor's.UBS and Lloyds Bank acted as joint bookrunners and the bond will be listed on the Irish Stock Exchange.On completion of this transaction the Group's weighted average debt maturity will be 8.9 years (7.7 years - 30 June 2014) and the average cost of borrowing will be 4.7 pct (4.7 pct - June 30). Full Article
Oct 25 Intu Properties has agreed to sell its majority stake in a shopping centre in the London borough of Bromley for a price tag 1.1 percent higher than its value before Britain's vote to leave the European Union.