Intu Properties Share Discussion Threads

[chiragmahe] 01/5/2019 15:12

Any news on intu since its going lower?

[propinv] 01/5/2019 15:09

Thanks. Where is your info from pls - it is useful

[hillofwad] 01/5/2019 10:43

Yields have probably pushed out to 5.25% on Intus regional centres showing a value impairment of a furter 6% since last year More I guess on the smaller ones
Derby deal hasn't helped just another red flag

JLL reported earlier this year.Things wont start stabilising til the Debenhams debacle works its way thru the system


"The investment and leasing markets are aligned in a perfect storm
of declining rental levels through an abundant over-supply of shops
(80-100,000), overvalued historic asset pricing and an uncertain
macro-economic and political future in the UK at present. It is not
often (fortunately) that this alignment occurs, but as a result
we have the trading volumes highlighted."

[loafofbread] 01/5/2019 08:14

Poor old JW.

The value of his investment is down by £750M and now no income from it.

The bad news from Topshop is the next nail in the coffin.

Because there is £4/5B of debt behind this, it's finger in the air time.

[escapetohome] 30/4/2019 16:22

Ok , i give in , i dont know where the floor is.

1.3 billion mkt cap seems high.

[hillofwad] 30/4/2019 13:07

Maybe he has got something going off with Cale where he takes Trafford Park out of the equation in lieu of his shareholding as part of an overall deal

The deal on Derby was maybe a starter for 10 as it wasn't attractive for Intu in isolation until the Debenhams picture becomes more clear

Let's face it values are in total flux at the moment

[roulettewheel] 30/4/2019 12:17

I do wander what John Whittaker going to do about this?

First try to sell to Hammerson, then take Private with friends, will he let this empire disappear or be grabbed for cheaps by Private Equity. I am still buying, not quite maxxed out yet.
Just pay off some debt first please John :)

[chiragmahe] 30/4/2019 09:22

94.68 GBX −3.98 (4.03%)

[hillofwad] 30/4/2019 02:17

Having achieved very little with the disposal of a half share in Derby in reducing debt or bettering their LTV ratio it will be interesting to see how they get on with their next deal/s.

Difficult time with the market just preparing itself for the second wave of DEBS closures and the inevitable haircutting on rents on others.Intu are into some tough negotiations

[escapetohome] 29/4/2019 17:15

95 p nice call by yours truly, it well and truly bounced off that floor.

[hillofwad] 27/4/2019 14:44

90 North.Ratchted up by fixed increase to £1.5m pa in March a country mile above market rents.With a rent bill of £375k pa arriving in June , their promise to keep the store open til next year looks optimistic

hxxps://90northgroup.com/portfolio/debenhams-canterbury/

hxxps://d27fgtedci4u6r.cloudfront.net/wp-content/uploads/2017/10/Canterbury-Debenhams-Final.pdf

Likley to get broken up but difficult to see this franking the purchase price which reflected the beanstalk rental payments

[ericshunn] 27/4/2019 13:08

^ La Salle. Probably worth more without Debenhams to be honest

[propinv] 27/4/2019 12:32

Thanks for this post which is helpful. Who bought Canterbury?

[hillofwad] 27/4/2019 08:44

The process has begun on Debenhams. First wave of closures announced in advance of the inevitable CVA

Unlikley that any of the Intu's stores are destined for closure but certainly will be involved in some rental haircutting in a post CVA world .More importantly another kick between the legs on values and LTVs

A few of those closures yesterday are at inflated rents cranked up by fixed increases Canterbury was only bought last year at a price reflecting that with 16 years remaining on the lease Ouch !

[montyhedge] 27/4/2019 07:19

Don't catch a falling knife, going lower.

[propinv] 26/4/2019 08:26

This isn't going to find a floor for a while yet

[escapetohome] 25/4/2019 07:41

Looks like my 95p was spot on . Dipped to that price and then rose a penny.

95p floor id wager.

[kenny] 25/4/2019 00:31

You have caught me out! I just invented the likelihood of a rights issue. Nothing to do with doing research and reading commentary about the company's situation. Try it out and then come back and post something useful.

[hugepants] 24/4/2019 21:05

What rights issue are we talking about? Is this the one you've just made up?

[kenny] 24/4/2019 12:25

In my opinion, there is no floor until the price of a rights issue is known. In the interim, there may be short term bounces but until there is clarity, who can say, with any confidence, what price will hold.

[escapetohome] 24/4/2019 12:11

Oh dear! Its reached my 95p in double quick time.

I think this is the floor.

Do you?

[escapetohome] 23/4/2019 23:58

Excellent posts, each earning a tick up!

[kenny] 23/4/2019 23:43

Also this company is likely to have to have a rights issue. Is it advisable to buy before the rights price is determined?

[propinv] 23/4/2019 22:30

Not sure for the logic. Why buy this when you can buy Hammerson. Same discount to NAV but without LTV risk