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Ohh, apart from global economy slowdown for multiple reasons (and consequently tightening on money/financing activities by range of MFIs / M&A / TO players waiting till it all settles down) - plus risk of impact by coronavirus thing in the air .. in Italy they're shutting down cities (schools, retail centers, big sport events) .. it's just a question of time now till s^%t storm hits UK, there's much more to come in a next month, so everyone'll be extra cautious on any buy now.
So can't expect any serious ups unless INTU can quickly re-purpose space for a medical sector which is sort of on a speculative raise despite UK players/tickers being significantly out of a race (on development tests, treatments, vaccines - because international conglomerates already selling tests giving results 40 mins quicker)
P.S. BTW: decided to check what's going on here after reading this:
https://www.bbc.co.uk/news/business-51588970
Re: ... You could not build any one of the Trafford Centre, Metrocentre or Lakeside for probably 5 times that for each of them...
It doesn't matter how much money you can spend on building something, (it could be billions) but rather a question on whether if can generate adequate income, retail markets go through significant paradigm change, some "expensive" properties in a middle of nowhere suddenly become obsolete simply because of no customer demand/footfall.
Therefore it shouldn't come as surprise that there could be no buyer at book/balance-sheet value even at -22% discount for these properties (especially in a scope of current global economy environment).
HMSO does have sufficient cash reserves after recent sale to provide liquidity over a long-term and serve short-term liabilities (after putting dividend on hold), INTUP may not have such luxury (spare cards to play) to maintain solvency despite nominally high equity (3B vs 5B for HMSO) and has significantly higher debt burden (hence interest costs), any buyer they'll try to offload asset will leverage it to knock price down, vultures/creditors will rip it off on first opportunity turning most of declared equity into sunk costs.
IMO - valuation of 0.21B (INTUP) vs 1.7B (HMSO) is justified considering these risks/circumstances..
Does anyone know why the yeilds in Intu's June valuations are so much lower than Hammersons June valuations?
This seems key as if Intu were to sell properties at the same yield as Hammerson recently did then their net value is pretty much wiped out. However, as mentioned, if they sell properties at a 22% discount to Junes valuations like Hammerson then they still have a large positive value.