Intu Properties Share Discussion Threads

[williamcooper104] 12/8/2019 20:22

Not so sure HMSO management is much better - but Elliot have them in special measures - so ought to be better than Intu - assets are better eg Dundrum, bullring, Bicester

[propinv] 12/8/2019 20:22

Wigwammer - you are obviously well researched. I think you are a bit blinkered. You may turn out to be right that 35p is a gift. Your covenant LTV analysis isn't the true pic though, is it? You say £83m required if fall 15%. You don't say that a few more % and the creditors get to call in their advisors. A few more % they run these for the creditors. That's way before 15% fall. When advisors come in that smash value. They cut deals with tenants to bring any income in. They don't care that this may impact long term value. That's not their mandate. On your thesis for debt refinance, how do you refinance when existing creditors are running the show, you can't.

[sentimentrules] 12/8/2019 20:20

Hope the buyer has cash..the banks won't be looking at it

[williamcooper104] 12/8/2019 20:19

Amusing that Spanish assets could be the bailout for a UK prop co From memory most of Intus debt was non recourse against their individual shopping centre assets - but they may have an unsecured corporate facility which if they do would get the benefit of Spanish collateral

[zccax77] 12/8/2019 20:17

Spain has one of the lowest internet shopping penetration rates in the whole of Europe, and a serious lack of large shopping centres. The biggest ones are valued at 600m tops one of which INTU own, whilst the uk has places like westfield which are valued at 3bn.

[sentimentrules] 12/8/2019 20:13

A lagging market. Spanish retail sales YoY up 2.4% . Uk money was a lot to do with that..now the pound being slaughtered and what's retail confidence YoY forecasts looking forward in Spain NoW?

No point looking backwards mate. Look forward

[zccax77] 12/8/2019 20:11

This is their 200m development in spain which they have not even considered selling, I guess the bond holders will get to benefit when they take control:

[zccax77] 12/8/2019 20:07

SR you are a clown who does not have a clue. There is a shortage of retail assets in Spain so they will easily sell for at or above book value:

hxxps://www.elconfidencial.com/empresas/2019-07-26/generali-axis-retail-intu-asturias-puerto-venecia_2145707/

[sentimentrules] 12/8/2019 20:03

Very difficult to sell that sort of price point easily. Especially when the people who can handle it smell blood and a bargain down the road

Especially global outlook too. Most investors are waiting a 30-50% cull to get values again

[zccax77] 12/8/2019 20:01

The problem with the BoD is that they are too slow. The share price will go to zero before they do anything. They have been talking about selling their spanish assets since December, and yet nothing agreed. They have total Spanish assets of 850m which they can sell, as well of 50m in Ireland. But they just seem asleep at the wheel. If they also did another few Cale st. type deals they could salvage things, but they are now talking about redeveloping Lakeside for 170m and other similar BS. They do not have a clue. Best to sell up INTU and look elsewhere like HMSO, where they have more diversified assets and better management.

[sentimentrules] 12/8/2019 19:39

Im not sure about that chic. I know market money for NoW, doesn't expect it to be a positive

Most likely sell cheaper

[chiragmahe] 12/8/2019 19:36

if the bondholders take control will spain assets sell cheaper?

[sentimentrules] 12/8/2019 19:34

Chir definetely. Who'd buy now though?

[chiragmahe] 12/8/2019 19:34

what date does intu owe debt payment?

[sentimentrules] 12/8/2019 19:33

Banks are going to back properties, mortgages etc NoW? Or backing away?

30000 investment banks going globally. First sign...

[chiragmahe] 12/8/2019 19:28

they need to sell everything in Spain as soon as possible.

[wogunremi] 12/8/2019 19:24

Reminding us of where we are is not the same thing as citing a reason why we got here, and talking of foreclosures in the context of INTU is premature.

Why we got here is well documented, the question is whether we've gone too far or whether we are yet to arrive.

[sentimentrules] 12/8/2019 19:10

I never suggested otherwise. I was just citing short reasons. Same as the bulls here do without mentioning short ones

[wigwammer] 12/8/2019 19:05

Yes. But contrary to your initial suggestion, you now concede the shares might (by some miracle) actually rise from here. ATB

[sentimentrules] 12/8/2019 18:51

Also reserves the right not to :)

[wigwammer] 12/8/2019 18:43

The market reserves the right to change its mind at short notice :)

[sentimentrules] 12/8/2019 18:37

Some bulls could even be right.. .

But it's no good when market doesn't agree..

[sentimentrules] 12/8/2019 18:36

Here is the main problem..

The markets are smashing all bullish points to bits. Why?

And if a game? Why need they stop playing?