Intu Properties plc
“Market Cap $5.96 B As of May 2014
At a Glance
- Industry: Real Estate
- Founded: 1980
- Country: United Kingdom
- CEO: David Fischel
- Website: www.capital-shopping-centres.co.uk
- Employees: 1,280
- Sales: $833 M
- Headquarters: London
#1528 Global 2000
- #1055 in Profit
- #1416 in Assets
- #1700 in Market value
Capital Shopping Centres Group Plc operates as an investment holding company which engages in the management of a portfolio of investments in the property sector. The company is a specialist developer, owner and manager of pre-eminent the United Kingdom regional shopping centers. The company’s assets include Braehead, Broadmarsh, Chapelfield, The Chimes, Eldon Square, The Glades, The Harlequin, Lakeside, The Mall at Cribbs Causeway, Manchester Arndale, Metrocentre, St David’s, The Potteries, The Trafford Centre and Victoria Centre. Capital Shopping Centres Group was founded by Donald J. Gordon in 1980 and is headquartered in London, the United Kingdom.”
“Intu Properties plc History
The company was established by Sir Donald Gordon in 1980 under the name of Transatlantic Insurance Holdings plc as an offshootLiberty Life Association of Africa, a business he had founded in 1957. The Company developed into a leading investor in life assurance businesses in the 1980s and divested its remaining life assurance interests (a 29% holding in Sun Life) in 1991. In 1992 it merged with Capital & Counties, a leading shopping centre developer, so securing itself a listing on the London Stock Exchange.It changed its name to Liberty International in 1996 and, after demerging Capital & Counties Properties in 2010, renamed itselfCapital Shopping Centres Group.
In 2011, CSC purchased the Trafford Centre undertaking £750 million of debt from owners The Peel Group and offered a 20% stake in CSC to Peel chairman John Whittaker. The 20% stake in CSC was worth approximately £700m at the time, thus valuing the Trafford Centre at approximately £1.65 billion. Whittaker continued to purchase shares after the takeover and became the largest single shareholder in 2012 with a stake of 24.63%.
CSC purchased the Westfield Group’s 75% stake in Westfield Broadmarsh in Nottingham in November 2011.
The company disposed of a significant holding in its Californian subsidiary Capital and Counties USA, which was restructured as Equity One. Equity One is fully American owned and operated.
In January 2013, CSC announced its rebranding to Intu, and the renaming of 12 of its shopping centres to incorporate that name. A new orange and black brand identity was introduced at the same time, including a bird logo said to represent a “symbol of joy”.
The company announced on 27 February 2013 that it had agreed to purchase Midsummer Place in Milton Keynes from Legal & General for £250.5 million. The sale was completed by the end of March 2013.
In March 2014 Intu announced that they had purchased the Merry Hill Centre and Westfield Derby for a £867.8m property deal that sees Intu take over complete ownership of Westfield’s Derby shopping centre and Sprucefield Park in Northern Ireland.”
*Information from Forbes.com and Wikipedia.org
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