Intu Properties Share Discussion Threads

[monte1] 29/1/2020 14:13

Paranoid or what?

[ericshunn] 29/1/2020 00:17

Currently in close period but by now the ye valuations are known to management. Few auditors will qualify the accounts but any RI must surely have many paragraphs in the all encompassing risk pages.

[ericshunn] 29/1/2020 00:17

(Modified) spens debt liability is always a negotiation. JW must surely be buying in debt as fast as possible.And Land Secs are not daft enough to buy Intu. A few years ago maybe and they would have had a crack and monetised Earl's Court, all the resi and, Covent Garden,but not now.

[nickrl] 28/1/2020 22:50

LAND are tendering for redemption of many of there bonds is this INTU's plan for the magically 1B

[williamcooper104] 28/1/2020 15:08

It can be worse than that - as the hit to on-going free cashflow may outwiegh the LTV benefits Only way to really de-lever is fresh equity and/or haircuts

[williamcooper104] 28/1/2020 15:05

Yep - and big 4 auditors now have their own in house valuers - given sales less than book and profile of intu this will be a huge red flag audit

[williamcooper104] 28/1/2020 15:04

European valuers are usually more permissive than UK one's - can get away with fair value (eg mark to model) as opposed to red book/estimated sale value (which itself is not always very reliable as it's always just an educated (or less educated) guess

[ericshunn] 28/1/2020 11:28

Sale prices achieved highlight the tructuralover valuation of this portfolio. Which, coupled with continuing net rental decline point to further valuation reductions at year end. So despite reducing absolute value of debt following sales gearing will likely still rise.

[tsmith2] 28/1/2020 11:26

Yes. Hardly moves needle

[zcaprd7] 28/1/2020 10:35

Sold for 145m versus 165m euros valuation (admittedly, what I found on Wikipedia, so happy to be corrected)...

[zcaprd7] 28/1/2020 10:30

Another 1%...

[tsmith2] 28/1/2020 07:58

RI..eye watering numbers

[kirk 6] 28/1/2020 07:52

Massively oversold either way

[tsmith2] 28/1/2020 07:50

Need to read more carefully what little impact it has on the debt position

[kirk 6] 28/1/2020 07:04

Recovery day today

[arbus5000] 27/1/2020 20:20

the offering doesn't seem urgent to me.

[ericshunn] 27/1/2020 19:51

Cantimagine anyone underwriting a rescue rights will be lowballing fees either.

[williamcooper104] 27/1/2020 10:13

https://www.intugroup.co.uk/en/investors/bonds-and-debentures/intu-trafford-centre-securities/The original notes were all fixed They then raised more debt that's mainly floating The floating debt will most likely to hedged - and the break costs on these are still going to be onerous (not as onerous as the original debt) Still looks like a good 9 figure sum to break the whole debt

[flyfisher] 27/1/2020 08:14

William, Several months ago they were reported as trying to refinance the trafford debt at a lower level.
Why would they try to do this if there was a make whole clause ?

[williamcooper104] 27/1/2020 00:10

Or rather it was for JW - an excellent deal and a terrible long term investment What was the SPG bid level - over £6?? SPG are probably the best mail reit operator

[williamcooper104] 27/1/2020 00:08

He did get a very good deal at the time - basically took over the company without paying any premium