Intu issues trading update in light of takeover reports

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Autism Hour

Intu has released a trading update as takeover talks with its deputy chairman continue.

The shopping centre firm said it had agreed 84 long-term leases from July 1 to October 23, with rental levels up eight per cent above passing rent rates.

Intu chief executive David Fischel added that the business had increased occupancy by 0.4 per cent to 97 per cent at its properties, signing Monki, Bershka and Ralph Lauren during the period.

“The top twenty shopping centres in the UK account for some three per cent of UK shoppers’ annual spend and we own eight of them, representing 76 per cent by value of our core UK portfolio”, Fischer said.

Intu added that “in the context of a possible bid”, it had instructed full external independent property valuations on September 30.

Intu’s market value of its portfolio on September 30 was £9580 million, down from £9831 million on June 30.

The trading update comes as the firm confirmed last week that talks were under way regarding a takeover bid.

Intu deputy chairman John Whittaker has approached the company for a takeover with a consortium formed with US asset manager Brookfield and Saudi Arabia’s Olayan. 

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