Intu Properties PLC Market Update (2855A)
20 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMINTU
RNS Number : 2855A
Intu Properties PLC
20 January 2020
LEI: 213800JSNTERD5CJZO95
FOR IMMEDIATE RELEASE
NOT FOR DISTRIBUTION IN THE UNITED STATES
20 JANUARY 2020
INTU PROPERTIES PLC
MARKET UPDATE
Further to recent press speculation, intu properties plc ("intu"
or the "Company") continues to make progress in its strategy to fix
the balance sheet.
Consistent with previous announcements, this now includes
targeting an equity raise alongside its full year results at the
end of February.
The Company is currently engaged in constructive discussions
with both shareholders and potential new investors on the proposed
equity raise.
In addition, recent progress on the balance sheet includes:
- in December, announced exchanged contracts to dispose of intu
Puerto Venecia for EUR475 million (intu share: EUR238 million). The
net proceeds of the transaction will be used to repay debt and is
expected to reduce loan to value by around 1 per cent
- nearly GBP500 million of disposals in 2019, with the
negotiations for the disposal of intu Asturias at advanced
stages
Matthew Roberts, intu Chief Executive, commented:
"We have delivered a robust operational performance for 2019
finishing with a busy Christmas trading period. Total footfall in
2019 was 0.3 per cent ahead of 2018, flat in the UK which
significantly outperformed the Springboard footfall monitor for
shopping centres.
Occupancy was stable at 95 per cent and to date 97 per cent of
rent has been collected for the first quarter of 2020 demonstrating
the lower risk of our existing customer base.
We are making good progress with fixing the balance sheet, our
number one priority, and are confident we have the right strategy
in place to enable us to prosper as we see continued polarisation
between the best destinations and the rest."
ENQUIRIES
intu properties plc
Matthew Roberts Chief Executive +44 (0)20 7960 1353
Robert Allen Chief Financial Officer +44 (0)20 7960 1360
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
DISCLAIMER
Any securities offered in connection with the equity raise
referred to above have not been and will not be registered under
the US Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration. There will be no public offering of securities in the
United States.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDKKKBNABKKQDB
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January 20, 2020 02:00 ET (07:00 GMT)
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