Intu Properties Share Discussion Threads

[eipgam] 12/12/2017 11:00

it's like waiting for a bus....

[blueteam] 12/12/2017 10:28

should see at some stage this get to £2.50 just below what was 2.54 value on bid.

[yump] 12/12/2017 09:16

As I have some shares in BOWL, here's some info. from their finals just out, which relates to both Hammerson and INTU and is in some way a bit of a hedge against retail spend decreasing, as leisure activities in centres appears to be robust:

"Hollywood Bowl Southampton opened as part of a new Hammerson leisure development. It is one of our smaller format concept centres designed to fit within a retail/leisure offer. Trading since the opening in December 2016 has been extremely positive, and it is on course to pay back 50 per cent of the invested capital within year one.

Our second new opening is part of intu Derby and complements the site's high-quality offering of a cinema, casual dining restaurants, retail and an adventure golf centre. Derby is trading very well and is ahead of expectation.

We have secured a strong pipeline of new centres enabling us to deliver on our plan of an average of two new openings per year. The high-quality product we deliver for our landlords, coupled with our strong covenant and reputation for top-quality operating standards, have created new opportunities. Leases have been signed with intu for the leisure extension at its flagship Lakeside centre and for the leisure extension of intu Watford"

[eipgam] 10/12/2017 15:08

Analysis (of sorts) in ST business today

[yump] 09/12/2017 14:30

There's certainly questions over INTU's values.

It appears from reading various research articles that a substantial part of the strategy here is to take market share from the smaller shopping centres, by building more prime ones, where the rate is higher.

But given the xx years still to come from increasing shopping online, would have thought the better strategy for maintaining a good level of profitability longer term is to take supply out of the market ?

Does anyone know whether INTU or HMSO operate rentals that are in any way proportional to turnover of the retail outlet ? Only I've read that with new retailers, that's a way of moving forwards, without either side suffering if sales don't turn out as hoped for. There are clauses for the both the retailer and the landlord to exit early without too much damage being done to either.

[eipgam] 09/12/2017 13:30

I suppose it depends on how realistic the 'book value' is...

[yump] 08/12/2017 16:15

Elsewhere I read that the stake sold in Bluewater was 8% below book value, while INTU has 40% below book value, so something out of kilter there.

[yump] 08/12/2017 15:45

Twiddling my thumbs this pm and found this, which is good reading if you've got the time ! All about outlets:



42% of outlet visitors eat there !!

Article includes a piece on "Tenant performance, asset management and lease structures" - not sure how INTU and HMSO operate though:

[blueteam] 08/12/2017 15:36

I still think this could see more action. plus those shorters will need to close before deal (though not till later next year)goes through.

[yump] 07/12/2017 07:23

I suppose the major retailers have to maintain a level of outlets - from memory quite a few of them aim at 50% online revenue, but that still leaves 50% for physical. If the combined group can corner the market in prime locations, that would give a pretty secure business.

[essentialinvestor] 06/12/2017 19:02

There is a large and growing divergence between retail prime and non prime assets.

The impact of online is mainly seen in non prime. Prime tends to be destination
driven in many cases, eating, leisure and shopping etc. There is also omnichannel with
click and collect.

[yump] 06/12/2017 16:37

It does make you wonder. The best outcome might be that they take an axe to the least promising spaces and lean out the whole combined business, taking some supply out of the market ?

[cc2014] 06/12/2017 09:54

There's some really good info in the INTU presentation on their website from the half year.

It gives you all the facts around footfall and rent increases.

What is actually happening does not match what the commentators would have you believe.

The discount to NAV issues would appear to be correct though as a merger with HMSO would appear to be at a significant discount to INTU NAV, which makes me wonder why the directors would recommend it, unless they have been trying to market properties and have found out they can't sell assets at NAV.

[yump] 06/12/2017 09:24

There always was reliable money in commercial property, even if it was cyclical and you had to wait for recovery, but I wonder whether the cycling is coming to an end. Share prices have been dropping for some time and still the downgrades keep appearing.

Warehousing is on the up, but if businesses use one warehouse to feed the 50% of its sales that are online and cuts its retail outlets to reflect a sales drop of 50%, how is the retail property market going to cycle back up ?

Bit surprised that its coming to a head now though - businesses have had a long time to adjust their retail presence to online sales.

I thought there was some talk of footfall recovering in retail a while ago - some talk of humans needing interaction ? Perhaps the footfall is only footfall, a coffee and a cake though.

[nav_mike] 06/12/2017 08:33

Oh well...that will teach me to fanny about trying to save a penny or two on an entry point lol

Well done to all those who've made a nice little sum today :)

[andyj] 06/12/2017 08:18

I wasn't insider trading in post 330, honestly!

[belgraviaboy] 06/12/2017 08:17

As HMSO fall so does the 'premium' worth about 240 now

[belgraviaboy] 06/12/2017 07:54

Will not be another bidder - they already have over 50% support

[cc2014] 06/12/2017 07:32

Reckon HMSO have got this for a steal at 254p

Let's see what happens from here. 254p may be low enough that we see another bidder arrive. I'm surprised as John Whittacker has bought some well above that price.

[catsick] 06/12/2017 07:32

Looks like its all sewn up too with over 50 pct of shareholders already giving the ok and both boards agreeing the deal ...

[riverman77] 06/12/2017 07:18

Great news, just bought last week at under 200, plan to switch back to BLND later today.

[catsick] 06/12/2017 07:10

254 implied price , nice !!

[catsick] 06/12/2017 07:08

Wooooo great news , only just bot last week and taaakover !!!!