Intu Properties Share Discussion Threads

[flyfisher] 15/1/2020 19:06

This from GAME "Console and videogame retailer GAME is to close 40 stores across the UK. The closures are mostly in outlets owned by INTU and NEW RIVER. Closure notices have been served for 27 stores so far in areas including Mansfield, Canterbury, Watford, Glasgow Fort, Leicester, Derby, Norwich Chapelfield, Bexleyheath and Carmarthen"

[sbb1x] 15/1/2020 12:14

New 52 week low of 24p21p bottom?

[williamcooper104] 14/1/2020 20:01

And at c20-25p I cannot see a rights issue coming Little fat for an underwriting bank to discount a rights issue Very possible that some of the larger shareholders subscribe to a rescue rights issue - but that would be at c5-10p (and on back of debt restructuring/refinancing)

[arbus5000] 14/1/2020 19:00

if this was a US REIT, INTU would be classed as a 'prime mal'l reit.

the average LTV is a bit misleading. its set on a per mall basis. only on a few properties is the headroom quite small. a few extra million from the divi freeze and asset disposals would would cover these back to comfortable levels.

the sooner the rights offering the better. saves for having disposals in a buyers market!

[williamcooper104] 14/1/2020 12:10

They wouldn't - would be plot sales to house builders

[ericshunn] 14/1/2020 11:05

Probable equity value realised on a successful sale of Trafford probably equates to current share price.

[flyfisher] 14/1/2020 10:12

I would expect that to be with a j/v partner.

If they were to sell trafford centre, what discount would be needed to get it away.

[ericshunn] 14/1/2020 09:11

Still struggling with the management here. They have relatively few assets to manage and they have owned some of them for 25-30 years (Metro/Lakeside). Takes an eternity to deliver modest extensions. Cant see how they can possibly deliver 5000 residential units in 5 years with little if any experience in house building.

[williamcooper104] 13/1/2020 22:35

The difference between 21 and 25p in the total capital stack is immaterial

[jsforum] 13/1/2020 21:00

Too high but tasty at sub 20p - as per 5 year plan an intensification of land bank and 6000 residential units across 8 sights - capital light so likely build to rent financed by Chinese investors hungry for off plan investment opportunities close to London but in practice could be anywhere in UK - this could easily bring in £200 million plus hotels and leisure facilities to accompany this of a further £100 million- suddenly the equity raise is within reach

[sbb1x] 13/1/2020 15:07

21p bottom...

[zcaprd7] 13/1/2020 09:26

We know that, I suppose that's why it's 25p and not £3?

[williamcooper104] 10/1/2020 23:43

Just sold best asset for c15 percent less than book Every one of their valuers will now be hyper conservative

[ericshunn] 10/1/2020 22:40

Assuming a 6% asset write down in the second half, and allowing for disposals, ltv should be around 58% at the year end. The asset sale just prior to christmas should keep them within covenants.

No position.


Think the maths is worse than this

[chiragmahe] 10/1/2020 17:46

Odey shorts increases

[zcaprd7] 10/1/2020 16:29

The target was £1 billion, I guess Christmas came at a bad time, but the election and lower Brexit uncertainty should help get a few more deals. I presume the banks are supportive given some demerger action? How much did they want per share during the planned takeover a while back?

[flyfisher] 10/1/2020 14:59

Assuming a 6% asset write down in the second half, and allowing for disposals, ltv should be around 58% at the year end. The asset sale just prior to christmas should keep them within covenants.

No position.

[chiragmahe] 10/1/2020 13:05

how much as LTV reduced with half a billion in disposals?

thanks zcaprd7

[zcaprd7] 10/1/2020 12:16

They've raised nearly half a billion in disposals, so half way there?

[williamcooper104] 09/1/2020 18:56

Completely agree The smart money is buying into the debt