Intu Properties
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| Type | Public limited company |
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| Traded as | LSE: INTU, JSE: ITU |
| Industry | Property |
| Founded | 1980 (as Liberty International) |
| Headquarters | London, United Kingdom |
| Area served | United Kingdom |
| Key people | David Fischel (CEO) Patrick Burgess (Chairman) John Whittaker (Deputy Chairman) |
| Products | Investment and development of shopping centres and other commercial property |
| Revenue | £525.7 million (2012)[1] |
| Operating income | £387.1 million (2012)[1] |
| Profit | £158.6 million (2012)[1] |
| Employees | circa 600 (2012)[1] |
| Website | www.intugroup.co.uk |
Intu Properties plc, formerly Capital Shopping Centres Group plc, is a United Kingdom-based Real Estate Investment Trust (REIT), largely focused on shopping centre management and development. Originally named Liberty International plc, it changed its name in May 2010 to that of its major subsidiary, Capital Shopping Centres, after demerging its Capital & Counties business unit to form an independent business. The company owns or part-owns 15 shopping centres in the UK. The firm's shares are listed on the London and Johannesburg stock exchanges and it is a constituent of the FTSE 250 Index.
The company renamed itself as Intu Properties plc on 18 February 2013, which will be followed by the rebrand of the majority of its shopping centres under the "intu" name from May 2013.[2]
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History [edit]
The Company was established by Sir Donald Gordon in 1980 under the name of Transatlantic Insurance Holdings plc as an offshoot Liberty Life Association of Africa, a business he had founded in 1957.[3] The Company developed into a leading investor in life assurance businesses in the 1980s only divested its remaining life assurance interests (a 29% holding in Sun Life) in 1991.[4] In 1992 it merged with Capital & Counties, a leading shopping centre developer, so securing itself a listing on the London Stock Exchange.[4] It changed its name to Liberty International in 1996[4] and, after demerging Capital & Counties Properties in 2010, renamed itself Capital Shopping Centres Group.
In 2011, CSC purchased the Trafford Centre undertaking £750 million of debt from owners 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, thus valuing the Trafford Centre at approximately £1.65 billion.[5] Whittaker continued to purchase shares after the takeover and became the largest single shareholder in 2012 with a stake of 24.63%.[6]
CSC purchased the Westfield Group's 75% stake in Westfield Broadmarsh in Nottingham in November 2011.[7]
The company disposed of a significant holding in its Californian subisidiary Capital and Counties USA, which was restructured as Equity One. Equity One is fully American owned and operated.
2013 rebranding [edit]
In January 2013, CSC announced its rebranding to Intu, and the renaming of 12 of its shopping centres to incorporate that name.[8] A new orange and black brand identity was introduced at the same time, including a bird logo said to represent a "symbol of joy".[9]
The company announced on 27 February 2013 that it had agreed to purchase Midsummer Place in Milton Keynes from Legal & General for £250.5 million. The sale is due to be completed by the end of March 2013.[10]
Properties [edit]
At 31 December 2012 the company's investment properties were valued at £7.0 billion.[1] Intu owns or part-owns 15 shopping centres in the UK, which are:[11]
References [edit]
- ^ a b c d e "Annual Report 2012". Capital Shopping Centres. 7 March 2013. Retrieved 21 March 2013.
- ^ "CSC announces new consumer brand and new online shopping portal". Intu Properties plc. 15 January 2013. Retrieved 18 February 2013.
- ^ Sir Donald Gordon - CV
- ^ a b c Liberty International: History
- ^ Thompson, Thomas (25 November 2010). "Trafford Centre set for £1.6bn sale to CSC group". The Independent. Retrieved 2012-03-08.
- ^ "Whittaker spends £2m on CSC shares". Place North West. 14 March 2012. Retrieved 2012-03-14.
- ^ "Westfield sells Nottingham's Broadmarsh shopping centre". BBC. 10 November 2011. Retrieved 17 February 2013.
- ^ Mall owner CSC to change name to intu properties
- ^ http://www.manchestereveningnews.co.uk/news/greater-manchester-news/trafford-centre-staff-makeover-redcoats-2635210
- ^ "Acquisition of Midsummer Place, Milton Keynes". Intu Properties plc. 27 February 2013. Retrieved 8 March 2013.
- ^ "Our centres". Intu Properties plc. 2013. Retrieved 21 February 2013.
- ^ a b c Capital Shopping Centres rebrands as Intu and launches fashion website
External links [edit]
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