Intu Properties is a British Real Estate Investment which largely focuses on shopping malls developments and management. Currently, the company is in ownership of 17 shopping centers in the UK and 3 in Spain.
Currently, Intu has abandoned a £2.8 billion deal after abandoning also a £3.4 billion deal in April 2018. The £2.8 billion deal was brought up by the bidders who were in need of buying a shopping center but the Intu Properties abandoned the takeover deal saying that there are economic uncertainty and volatility in the markets. The shopping centers whose takeover deals were abandoned are the: Trafford Center and the Lake shopping centers.
David Fischel who is the chief executive of Intu properties company said that he abandoned the two takeover deals because uncertainty had destroyed the proposal, the uncertainty is Brexit-related. Despite the fact that the Intu Properties company abandoned the takeover deals the chairman still claims that the company still remains as committed and dedicated as it was as a long term plan that needed executive search consultancy support.
Intu has proven to the public that it will still keep on investing in the shopping centers but the short term investors will get to be paid lower dividends. Mike Ashley who manages the House of Fraser said that he was to shut down 4 department store chains in into shopping centers after they failed to agree on the rent cuts for the shops in the shopping Centre.
THE INTU CHIEF EXECUTIVE OFFICER.
The Intu chief executive officer, David Fischel has a total of 1,272,883 shares in the company, in November 22nd he bought 450 more shares and added them on the shares he had before. David Fischel planned to step down from being the Chief executive of intu properties company. This is the British shopping Centre operator made a huge loss and this showed a warning for lower rental income growth annual. Due to this, the shares of this company lowered by 9%.
Retailers of intu were bankrupt and also intu had earlier before abandoned a £3.4 billion takeover bid in April by Hammerson. The company is expecting a very low net income growth. Hammerson board abandoned the £3.4 billion deal in April 2018 because it was opposed by its own shareholders who thought that buying that buying the intu property will increase Britain’s exposure to the retail sector.
Intu Properties now will be abandoning deals until a new chief executive officer will be found to manage the properties. In April the intu company was warned that it might get a heavy blow by certain administrators who have been initiated by the tenants. The administrators include the Toys R Us, Prezzo and the New Look. It estimated that the loss of £3.9 million in this year 2018.
David Fischel is planning to officially step down from the Intu when a new chief executive will be appointed. Due to this, he is not also able to accept takeover deals on the shopping centers of the company.
Intu Properties is globally known for its best services and deals it offers to their retailers and investors. Shareholders are allowed to have shared as much as they can. the stepping down of the current chief executive has been caused by the losses which have been experienced. He intends to leave once the new chief executive gets in.