30 Nov 2018 10:00
30 November 2018
intu agrees trio of property disposals for £25 million
intu, owner and manager of the UK's largest and most popular prime shopping centres, announces that it has agreed terms for the sale of three properties for a combined value of £25.25 million, all of which have been achieved above book value.
The sales are part of intu's ongoing disposal and capital recycling programme, some of the proceeds of which will be reinvested into its ongoing pipeline of development opportunities across its UK shopping centre portfolio.
Highlights
· Brierley Hill, West Midlands: intu has exchanged contracts to sell a substantial freehold investment located near its intu Merry Hill shopping centre. The site has a Gross Internal Area (GIA) of 75,186 sq ft on a total site area of 5.02 acres.
· York House, Nottingham: intu has exchanged contracts to sell its freehold and leasehold interests in York House, a 24,000 sq ft site adjacent to intu Victoria Centre in Nottingham.
· Former BHS store, Derby: intu has completed the sale of its long leasehold interest in 59-61 St Peter's Street which is located on the periphery of intu Derby. Formerly occupied by BHS, the site consists of four levels comprising 53,000 sq ft plus a small plant level.
David Fischel, intu chief executive, commented: "These three deals, all successfully sold at above book value, are further evidence of our commitment to dispose of non-core assets and recycle capital into our exciting development programme. All three sites will continue to benefit from being in the vicinity of hugely popular intu shopping centres which welcome millions of shoppers every year."
Ends
For further information contact:
Mazar Masud, Victoria Heslop
Powerscourt
Tel: 020 7250 1446
intugroup.co.uk
@intugroup
NOTES TO EDITORS
About intu
intu owns and manages many of the best shopping centres, in many of the strongest locations, in the UK and Spain.
Our UK portfolio is made up of 17 centres, including eight of the top 20, and in Spain we own three of the country's top 10 centres.
We are passionate about creating compelling experiences, in centre and online, that make our customers smile and help our retailers flourish.
We attract over 400 million customer visits and over 25 million website visits a year offering a multichannel approach that truly supports retail strategies. In 2017, we launched the UK's first tailor-made promotional services model to help brands as they look to optimise their portfolio or expand their UK coverage.
Our strategic focus on prime, high-footfall flagship destinations, combined with the strength and popularity of our brand, means that intu offers enhanced footfall, dwell time and loyalty. This helps our retailers flourish, driving occupancy and income growth.
We are committed to our local communities, with our centres supporting over 120,000 jobs (representing about 3 per cent of the total UK retail workforce), and to operating with environmental responsibility. We have already met or exceeded a significant number of our 2020 environmental targets.