Intu Properties Share Discussion Threads

[andyj] 06/12/2017 00:38

Well, well the 'worlds best hedge fund manager' is now short Intu. I would have more respect for him if he was short from 2.80. He's going to get his bottom burnt.

[cc2014] 05/12/2017 17:11

Well today the selling carried on but buyers were willing to more than absorb it.

Maybe the tide has turned.

[eipgam] 05/12/2017 14:18

Intereting posts... As mentioned earlier, I think INTU are struggling with their new strategy in Newcastle whereby they invested heavily into turning a wing of Eldon Sq into a restaurant sector (Grey's Quarter). Not yet fully let by any means and the the tenants (Giraffe, Bella Italia, Ask and many more) that are there appear to be quiet when I pass by. It is by no means a scientific survey!

[belgraviaboy] 05/12/2017 13:31

Always worth reading the TRY half year report - best commentary on the European property markets. In the last 6 months they sold out of INTU and switched into SUPR for retail exposure. Suggestion sale prices have been below NAV for transactions INTU have made over the past months and be falling further.

I think the new short holders believe there will be very significant asset value right downs (losses) at some point. Have INTU been marketing any property holdings we don't know about yet and be struggling?

These properties are only worth what someone will pay for them.

[nav_mike] 05/12/2017 13:04

Been watching these for signs of bottoming, and like other people have looked at Short Tracker.

Yes Wintons have increased recently, but most of the other usual suspects like Marshall Wace were actively reducing in October/November

There must come a point where the discount to NAV is just too large, even allowing for potential write downs.

Would like 190, but have a feeling 195 will have to do

[cc2014] 05/12/2017 12:49

Well I have bought more this morning. HMSO moving up, BLND and LAND consolidating after their rise off the bottom, DLN making an effort too.

There does appear to be a sell bot program running today (again!) which is holding the price down but I can't believe it isn't going to turn up like the rest soon

[cc2014] 05/12/2017 09:59

Winton fist declared their short position on INTU on 13th November at 0.53%
On 1st Dec raised it to 0.61%

Each to their own. Someone has to sell them in order to allow me to buy down here.

[wantage] 04/12/2017 23:36

David Harding, the founder of Winton Capital is one of the most successful hedge fund managers in the world.In the last few days his funds took 2 short positions in the London market, both in Intu.I wonder why they singled it out.

[yump] 04/12/2017 15:36

Anyone who is interested in a bit of background reading, this appears to be a pre-Brexit vote report on retail; rents, occupancy etc.



At that time there was comment that despite low vacancy rates post-recession, the squeezing of retailer margins is making any rent increases difficult. On the other hand, once you look outside pure retail, towards dining, entertainment and warehousing, there is potential for rent competition and therefore increase.

So in very simplistic terms, INTU appear to be on the right track. I don't know if some retailers are moving some warehousing into shopping centres to create a more efficient operation ... ?

[cc2014] 04/12/2017 10:43

I express my astonishment once again. FTSE up 60, BLND way off the 600 area, all property sector on the way up today and this is down again.

I've added to my SIPP again even though I said I'd wait for 190 and bought some to intra-day trade.

[typo56] 30/11/2017 19:58

It's due to deletion from the MSCI Global Standard Index, which took effect at close. Similar volumes for the same reason in DC., HIK, ISAT, PFG and TATE.

[orinocor] 30/11/2017 19:58

I don't live in Glasgow but I often visit. The 2 shopping centres I most often visit had British Homes Stores as their flagship store. Over a year later since British Home Stores closed down these locations in the shopping centres still remain empty. No retailer, or other business has come in to replace them. That must tell a story.

As online gets more and more market share what is going to replace the retailers? Perhaps opticians, doctors surgeries, cinemas, bowling alleys, restaurants. I don't know but I can see retailers closing down their physical stores in increasing numbers.

[cc2014] 30/11/2017 18:08

Very very strange closing auction. Some others a bit odd but nothing as extreme as INTU

56m shares traded in the closing auction which equates to 4.14% of the total shares in issue.

I'm hoping it means something. Meanwhile Dow on a mission to the stars

[cc2014] 30/11/2017 13:47

I really can't figure it at all. I can see that the rising pound means repatriated profits will be lower but that is a fairly minor affect compared with the speed of the fall.

I can also see that the cost of borrowing will rise over the next 5 years but the fall is too fast even so.

More surprising is the volume to me as Coronation keep soaking up some of it but even this isn't enough to slow the decline.

7.2% dividend yield now and I've promised myself I won't buy any more until we reach 190, although I don't know why as the price looks excellent to me.

I can only imagine it is algo's gone mad jumping on the trend.


I have looked at the interim presentation and the debt profile and not much is due in the next 3 years. The gearing doesn't look excessive to me.

Perhaps yet another case of market perception being out of line with reality? Sooner or later the discount to NAV will become so large as to provide support somewhere.

[yump] 30/11/2017 13:28

This is like its pricing in a world recession and getting kicked out of Spain after Brexit, or something equally drastic.

[andyj] 30/11/2017 13:23

Endless pattern of rising in the morning and then quickly falling. I am hedging, will short the next rise.

[catsick] 29/11/2017 08:23

Bought a few of these this am, think the sell off to a nice fat 7pct is overdone especially as most of the other uk reits are flat over the same period, will double up if we get to 8pct yld

[eipgam] 24/11/2017 17:27

Intu Properties PLC said Coronation Asset Management (Pty) Ltd's stake in the company has risen by 1.02% percentage points as of Friday.

Before the transaction, Coronation Asset Management held a 19.06% holding, but now has a 20.08% stake in the London-listed shopping centre owner through 272.2 million shares.

Intu shares were down 2.4% on Friday afternoon at 197.0 pence, which would value that stake at GBP536.1 million.

[andyj] 23/11/2017 11:58

Me also CC! However, 200 looking increasingly like a temporary floor.

[cc2014] 21/11/2017 11:09

And again at 197.7. Beginning to feel like I'm chasing this a bit now but at 7% dividend I can't resist.

I may take one further lot around 190 but that will be it.

I assume market things dividend is at risk due or at best no room for growth due to debt but with Spanish economy picking up from very low base and UK doing fine if not great I don't see it that way.

At some point it has to get off the downtrend line. It's the speed at which it's falling which surprises me.

[cc2014] 20/11/2017 13:54

I added (again) this morning. This time for my SIPP.

[eipgam] 20/11/2017 13:38

From a visual POV, the move from providing shopping units to providing outlets for national restaurant chains is not going too well at Eldon Square in Newcastle.

[andyj] 14/11/2017 09:53

I sense an opportunity to average down.

[hybrasil] 14/11/2017 08:12

Its brexit.
There is an awful lot of debt here.
Values are going to retrace.

I accept its beginning to look interesting. I have a buy order in at £1.80