Intu Properties

Intu Properties plc was a British property investment and shopping-centre management company whose principal business was the ownership, part-ownership, development and operation of large retail centres. Before its collapse, the group was one of the most prominent shopping-centre landlords in the United Kingdom and also held interests in Spanish retail assets. Its consumer-facing Intu identity was used across a portfolio of major centres, while the corporate group retained a structure rooted in several earlier businesses and name changes. The company originated in 1980 as Transatlantic Insurance Holdings plc, established by Sir Donald Gordon as an offshoot of Liberty Life Association of Africa. It initially developed through investment in life-assurance businesses. During the early 1990s it disposed of its remaining life-assurance interests and merged with Capital & Counties, a shopping-centre developer and investor. That transaction moved the business toward property and helped secure a London Stock Exchange listing. The group adopted the Liberty International name in 1996. In 2010, Liberty International demerged its Capital & Counties Properties business into a separate company. The remaining group was renamed Capital Shopping Centres Group plc, commonly abbreviated as CSC, to emphasize its retail-property focus. CSC expanded its portfolio through acquisitions including the Trafford Centre in Manchester and a majority interest in Westfield Broadmarsh in Nottingham. In 2013 it adopted the Intu name and began rebranding many of its centres under the same identity. The rebrand introduced an orange-and-black visual system and a bird symbol, and was intended to create a recognizable consumer brand across otherwise separately named shopping destinations. Intu combined property ownership with centre management, leasing, redevelopment and customer-experience activities. Its portfolio included regional shopping centres such as Lakeside, intu Watford, intu Victoria Centre, intu Braehead, intu Derby, Merry Hill, the Trafford Centre and intu Milton Keynes. It also operated or held interests in Spanish centres, including Puerto Venecia, intu Asturias and intu Xanadú. The group sought to respond to online retail and changing shopping habits by launching an online shopping-centre service and bringing shopping-centre employees in-house from a facilities-management provider. The business expanded substantially during the 2010s, but its financial position became increasingly exposed to high leverage, declining high-street footfall and the difficulties of major retail tenants. A proposed £3.4 billion takeover by Hammerson was agreed in 2017 but was not completed after Hammerson recommended that shareholders reject it. A later consortium bid involving Peel Group, Olayan Group and Brookfield Property was withdrawn in 2018. Intu subsequently sold selected Spanish interests in an effort to generate liquidity. In March 2020, the company abandoned a proposed £1.3 billion emergency equity fundraising. It reported a £2 billion loss for 2019 and carried approximately £4.5 billion of debt, while the COVID-19 pandemic increased pressure as retailers delayed rent payments. Intu warned that it might breach debt covenants and require lender waivers. After restructuring discussions failed, the group entered administration on 26 June 2020. Several shopping centres were later transferred to or placed under the control of new ownership and management arrangements. The Intu corporate group therefore ceased operating as an independent listed property company, although some assets and centre brands continued under successor owners. Intu was the consumer-facing brand of a British shopping-centre investment and management company formerly known as Intu Properties plc. The business was principally involved in owning, part-owning, developing and operating large retail and leisure destinations. Before its collapse, it held interests in 17 shopping centres in the United Kingdom and one in Spain, with a property portfolio valued at approximately £5.9 billion at the end of 2019. The company's corporate history began in 1980, when Sir Donald Gordon established Transatlantic Insurance Holdings as an offshoot of Liberty Life Association of Africa. It initially concentrated on life-assurance investments, but gradually moved away from insurance. In 1991 it disposed of its remaining life-assurance interest in Sun Life, and in 1992 it merged with Capital & Counties, a major shopping-centre developer. The combined business changed its name to Liberty International in 1996. A major structural change took place in 2010. The company demerged Capital & Counties Properties, which became an independent property business, and adopted the name Capital Shopping Centres Group plc. In 2011 it acquired the Trafford Centre from The Peel Group, one of the most significant additions to its portfolio. It also bought a 75% interest in Westfield Broadmarsh in Nottingham from the Westfield Group. In 2012, Peel chairman John Whittaker became the company's largest shareholder after taking a substantial stake. In 2013, Capital Shopping Centres Group introduced the Intu brand. The corporate name was changed to Intu Properties plc in February, and most of the shopping centres were subsequently renamed or rebranded under the Intu identity. The new orange-and-black identity was intended to present shopping centres as destinations for retail, leisure and social experiences rather than as conventional property assets. Alongside the rebrand, Intu launched an online shopping-centre proposition and brought shopping-centre staff in-house after previously relying on an external facilities-management provider. Intu expanded further during the middle of the decade. It bought Midsummer Place in Milton Keynes in 2013 and acquired Merry Hill and Westfield Derby in 2014 through a wider property transaction that also involved Sprucefield Park in Northern Ireland. The company later faced increasing pressure from changing consumer behaviour, declining high-street footfall, retailer failures and a heavily leveraged balance sheet. A proposed £3.4 billion takeover by Hammerson was agreed in 2017 but was not completed after Hammerson's shareholders were advised to reject it in 2018. A later consortium proposal involving Peel Group, Olayan Group and Brookfield Property was withdrawn in November 2018. In 2019, Intu began selling Spanish assets to raise liquidity. It sold its interest in Puerto Venecia in Zaragoza in December 2019 and subsequently sold its Oviedo asset, intu Asturias, in early 2020. The company remained highly indebted, however, reporting a substantial loss for 2019 and carrying approximately £4.5 billion of debt. In March 2020 it abandoned a proposed £1.3 billion emergency equity raising after failing to secure sufficient investor support. The COVID-19 pandemic intensified the problem as retailers delayed rent payments and the company warned that it might breach lending covenants. Intu entered administration on 26 June 2020 after restructuring discussions with lenders failed. The administration ended the listed company's operating life, although individual subsidiaries and shopping-centre assets continued under new ownership or new management arrangements. During the second half of 2020, Intu-related entities obtained funding and transferred or reorganised control of centres including Lakeside, Watford, Braehead and Victoria Centre. The Intu name therefore survived for a period in connection with particular assets and management structures, but the original listed property group was defunct. The business expanded substantially during the 2010s, but its finances came under growing strain from high leverage, declining high-street footfall and the distress of major retail tenants. In 2017 a proposed £3.4 billion takeover by Hammerson failed to complete after Hammerson recommended that its shareholders reject it. A later consortium bid involving Peel Group, Olayan Group and Brookfield Property, reported at £2.8 billion, was withdrawn in 2018. Intu subsequently sold Spanish assets to raise liquidity.

Intu's corporate history began in 1980, when Sir Donald Gordon established Transatlantic Insurance Holdings plc as an offshoot of Liberty Life Association of Africa. Gordon had founded Liberty Life in 1957, and the new listed vehicle initially developed as an investor in life-assurance businesses. During the 1980s, the group became a significant participant in the insurance sector. In 1991 it disposed of its remaining life-assurance interests, including a 29% holding in Sun Life, and began moving decisively toward property. A major turning point came in 1992, when the company merged with Capital & Counties, a shopping-centre developer and investor. The transaction gave the group a substantial retail-property platform and a London Stock Exchange listing. In 1996 the company changed its name to Liberty International. It also maintained interests outside the United Kingdom, including a Californian subsidiary known as Capital and Counties USA. A substantial holding in that business was sold to Equity One in 2010; Equity One was subsequently acquired by Regency Centers Corporation. In May 2010, Liberty International demerged Capital & Counties Properties as an independent business. The remaining company adopted the name Capital Shopping Centres Group plc, or CSC, reflecting its concentration on shopping-centre investment and management. CSC pursued a series of acquisitions. In 2011 it purchased the Trafford Centre from The Peel Group and offered Peel chairman John Whittaker a 20% interest in CSC as part of the transaction. Whittaker continued acquiring shares and became the company's largest shareholder in 2012, with a reported 24.63% stake. CSC also acquired Westfield Group's 75% interest in Westfield Broadmarsh in Nottingham in November 2011. The company announced a further identity change in January 2013. It would become Intu, and twelve shopping centres would receive names incorporating the new brand. The corporate name change took effect on 18 February 2013, while the centre rebranding began in May. The orange-and-black identity and bird emblem were intended to create a consistent, consumer-oriented presence across the portfolio. The company also promoted a digital retail proposition described as the United Kingdom's first online shopping centre and brought shopping-centre staff in-house, replacing an arrangement under which they had been employed by Bilfinger Europa. Intu continued to expand during the middle of the decade. It agreed to acquire Midsummer Place in Milton Keynes from Legal & General for £250.5 million in February 2013. In 2014 it announced an £867.8 million property deal involving Merry Hill, Westfield Derby and Sprucefield Park. The group operated a mixture of wholly owned and part-owned regional centres in the United Kingdom, alongside investments in Spain. Its business model depended on rental income, asset values, tenant demand, centre footfall and the ability to finance redevelopment. The retail-property environment became increasingly difficult. Online shopping, changing consumer behaviour, declining high-street footfall and the failures or financial distress of important retailers placed pressure on rents and valuations. Intu agreed to a proposed £3.4 billion takeover by Hammerson in December 2017, but Hammerson later recommended that shareholders reject the offer. A second proposal, valued at about £2.8 billion and backed by Peel Group, Olayan Group and Brookfield Property, was withdrawn in November 2018 after due diligence. Intu sought to strengthen liquidity by considering disposals. In late 2019 it discussed the sale of three Spanish assets and sold its interest in Puerto Venecia for €237.7 million, with reported net proceeds of about €115 million. Its Oviedo asset was sold the following month for approximately £85 million in proceeds as reported in the reference material. These transactions did not resolve the group's broader leverage problem. In March 2020, Intu abandoned a planned £1.3 billion emergency cash call because investor support was insufficient. The company had approximately £4.5 billion of debt and reported a £2 billion loss for 2019. The COVID-19 pandemic intensified the crisis as retailers delayed rent payments. Intu warned that it would need lender waivers and might breach debt covenants in July. By June it said that shopping centres could face closure if restructuring discussions failed and had appointed KPMG as a contingency administrator. On 26 June 2020 Intu entered administration. The administration led to asset-level restructuring rather than a single continuing Intu group. In August 2020, Intu SGS, a subsidiary and holding vehicle for four centres, received funding to take full control of them. Global Mutual became asset manager and Savills property manager, with the arrangement completed in October. Transfers of Intu Derby, Merry Hill and Milton Keynes to new owners were confirmed in September, and Chapelfield was also announced as moving to new ownership. The listed Intu corporate business consequently ceased to operate as an independent company, while several former Intu properties continued under successor ownership and management. Intu's corporate lineage began in 1980, when Sir Donald Gordon founded Transatlantic Insurance Holdings as an offshoot of Liberty Life Association of Africa. The company initially developed as an investor in life-assurance businesses. It sold its remaining 29% interest in Sun Life in 1991, marking a major step away from its original insurance focus. In 1992, the business merged with Capital & Counties, a prominent shopping-centre developer, and obtained a listing on the London Stock Exchange. The enlarged company changed its name to Liberty International in 1996. It also held interests in United States property businesses, including Capital and Counties USA, but later disposed of a significant stake in that operation. The next major transformation occurred in 2010. The company demerged Capital & Counties Properties, creating an independent property business, and changed its own name to Capital Shopping Centres Group plc. In the same period it sold a significant holding in its Californian subsidiary to Equity One, which was later acquired by Regency Centers Corporation. Capital Shopping Centres expanded its United Kingdom portfolio in 2011 by purchasing the Trafford Centre from The Peel Group. The transaction included an offer of a 20% stake in the acquiring company to Peel chairman John Whittaker. The deal valued the Trafford Centre at approximately £1.65 billion, while the offered stake was reported at roughly £700 million. Whittaker continued to acquire shares and became the company's largest shareholder in 2012. In November 2011, the company also acquired Westfield's 75% interest in Westfield Broadmarsh in Nottingham. In January 2013, the company announced the Intu rebrand. It adopted the Intu name in February and began changing the identities of most of its shopping centres from May. The new orange-and-black branding used a bird emblem associated by the company with joy. The rebrand was accompanied by an attempt to modernise the business in response to changing shopping habits: Intu launched an online shopping-centre service and brought shopping-centre employees in-house after they had previously been supplied by Bilfinger Europa. Expansion continued with the purchase of Midsummer Place in Milton Keynes from Legal & General in 2013. In 2014, Intu announced an approximately £867.8 million property deal involving Merry Hill, Westfield Derby and Sprucefield Park. These transactions increased the company's exposure to major regional shopping destinations at a time when the traditional shopping-centre model was beginning to face growing structural pressure. Intu's proposed corporate transactions later reflected the difficulty of financing a large retail-property portfolio. In December 2017 it agreed to a proposed £3.4 billion takeover by Hammerson, but Hammerson recommended that its shareholders reject the proposal in April 2018. In October 2018, Peel Group, Olayan Group and Brookfield Property launched a separate offer reported at £2.8 billion. That consortium withdrew in November after carrying out due diligence. The company attempted to reduce leverage by selling Spanish assets. In late 2019 it agreed to sell interests in Puerto Venecia in Zaragoza, intu Asturias in Oviedo and intu Xanadú in Madrid. The Zaragoza sale completed in December 2019, and the Oviedo asset was sold in early 2020. These disposals were not sufficient to resolve the company's financial problems. At the end of 2019, Intu's investment properties were valued at approximately £5.9 billion, but the group had around £4.5 billion of debt and reported a loss of about £2 billion for the year. In March 2020, Intu abandoned a proposed £1.3 billion emergency cash call because investor support was inadequate. The COVID-19 crisis then placed additional pressure on rental income as retailers deferred payments. Intu warned that it would need lender waivers and could breach debt covenants in July. On 23 June it said that shopping centres might have to close if restructuring talks failed and identified KPMG as a contingency administrator. On 26 June 2020, Intu entered administration. The listed group ceased to operate as an independent going concern, but individual properties and subsidiaries were subsequently reorganised. In August 2020, Intu SGS received funding to take full control of Intu Watford, Braehead, Victoria Centre and Lakeside, with Global Mutual appointed as asset manager and Savills as property manager. That arrangement was completed in October. Transfers of Intu Derby, Merry Hill and Milton Keynes to new owners were confirmed in September, while Chapelfield was also reported to be moving to new ownership. The collapse ended Intu's life as a listed shopping-centre group, even though many of the underlying destinations continued under different ownership or management. Intu sought to strengthen liquidity by considering disposals. In late 2019 it discussed the sale of three Spanish assets and sold its interest in Puerto Venecia for €237.7 million, with reported net proceeds of about €115 million. Its Oviedo asset, intu Asturias, was sold in early 2020 for approximately £85 million in proceeds as reported in the reference material. These transactions did not resolve the group's broader leverage problem. At the end of 2019, Intu's investment properties were valued at approximately £5.9 billion, but the group had around £4.5 billion of debt and reported a loss of about £2 billion for the year.

• 2020

  Administration

  [1]Intuen.wikipedia.org

  Intu enters administration on 26 June after an emergency fundraising fails and restructuring talks with lenders do not produce a solution.

• 2019

  Spanish asset disposals

  [1]Intuen.wikipedia.org

  Intu sells its interest in Puerto Venecia and later sells its Oviedo asset as part of efforts to raise liquidity.

• 2017

  Proposed Hammerson takeover

  [1]Intuen.wikipedia.org

  Intu agrees to a proposed takeover by Hammerson valued at approximately £3.4 billion, subject to approval.

• 2014

  Major United Kingdom portfolio expansion

  [1]Intuen.wikipedia.org

  Intu announces the acquisition of Merry Hill, Westfield Derby and Sprucefield Park through an £867.8 million property transaction.

• 2014

  Merry Hill and Westfield Derby expansion

  [1]Intuen.wikipedia.org

  Intu expands through a property transaction involving Merry Hill, Westfield Derby and Sprucefield Park.

• 2013

  Intu identity launched

  [1]Intuen.wikipedia.org

  The company changes its name to Intu Properties plc and begins rebranding most of its shopping centres under the Intu identity.

• 2011

  Trafford Centre acquisition

  [1]Intuen.wikipedia.org

  Capital Shopping Centres purchases the Trafford Centre from The Peel Group and also acquires Westfield's 75% interest in Westfield Broadmarsh. CSC purchases the Trafford Centre from The Peel Group, offering Peel chairman John Whittaker a 20% interest in CSC as part of the transaction.

• 2011

  Westfield Broadmarsh interest acquired

  [1]Intuen.wikipedia.org

  CSC purchases Westfield Group's 75% stake in Westfield Broadmarsh in Nottingham.

• 2010

  Capital Shopping Centres Group is formed

  [1]Intuen.wikipedia.org

  After demerging Capital & Counties Properties, the remaining company adopts the Capital Shopping Centres Group name.

• 2010

  Capital & Counties Properties is demerged

  [1]Intuen.wikipedia.org

  The company separates its Capital & Counties Properties business and subsequently adopts the name Capital Shopping Centres Group.

• 1996

  Company becomes Liberty International

  [1]Intuen.wikipedia.org

  The business changes its corporate name to Liberty International.

• 1992

  Merger with Capital & Counties

  [1]Intuen.wikipedia.org

  The company merges with Capital & Counties, bringing a major shopping-centre development business into its corporate structure and securing a London listing.

• 1991

  Remaining life-assurance interests are divested

  [1]Intuen.wikipedia.org

  The group sells its remaining life-assurance interests, including a 29% holding in Sun Life.

• 1980

  Transatlantic Insurance Holdings is established

  [1]Intuen.wikipedia.org

  Sir Donald Gordon establishes the company as an offshoot of Liberty Life Association of Africa, initially focusing on life-assurance investments.

A large-scale shopping-centre owner and operator positioned its properties as regional retail, leisure and customer-experience destinations rather than merely conventional commercial real estate. The Intu identity was designed to unify a geographically diverse portfolio under a consumer-facing brand. A large-scale shopping-centre owner and operator positioned retail properties as integrated retail, leisure and social destinations.

• Commercial real estate

  Shopping-centre ownership and investment

  Intu's principal offering was ownership or part-ownership of large regional shopping centres. The group earned rental income and sought to increase asset value through tenant mix, leasing, redevelopment and improvements to the retail and leisure environment. Its portfolio included major United Kingdom destinations such as the Trafford Centre, Lakeside, Merry Hill and intu Derby, as well as Spanish assets.

• Property management

  Shopping-centre management

  The company managed day-to-day operations for its centres, including customer services, facilities coordination, marketing, tenant relationships and the presentation of common areas. Intu also brought centre employees in-house during its 2013 transformation, replacing a previous employment arrangement involving Bilfinger Europa.

• Digital retail · 2013

  Intu online shopping centre

  As part of its response to online retail and changing shopping habits, Intu launched a digital shopping-centre proposition, described as the United Kingdom's first online shopping centre. The service was presented as a way to extend the physical-centre brand into online retail and connect customers with centre-based shopping activity.

• Real-estate development

  Shopping-centre development and redevelopment

  Intu used development and redevelopment projects to maintain the competitiveness of large retail destinations. These activities included expanding or modernizing centres, improving leisure and dining components, and managing the tenant and visitor experience. The approach depended on access to capital and sustained retailer demand.

• Shopping centre

  Trafford Centre

  A major regional shopping and leisure destination in Greater Manchester acquired by Capital Shopping Centres in 2011. It became one of the best-known properties associated with the Intu portfolio and represented the company's strategy of concentrating ownership in large destination centres.

• Shopping centre

  Lakeside

  A large shopping centre in the London commuter region and one of the assets connected with Intu SGS after the 2020 administration. It was among the centres managed or controlled through Intu-related subsidiary arrangements during the post-administration transition.

• Shopping and leisure centre

  intu Xanadú

  A Spanish shopping and leisure destination in Madrid and one of the Spanish assets Intu considered for sale in 2019. It formed part of the company's international portfolio alongside properties in Zaragoza and Oviedo.

• Shopping centre

  intu Asturias

  The Intu-branded shopping centre in Oviedo, Spain. Intu agreed to sell the asset during its 2019–2020 liquidity programme, and the disposal formed part of its attempt to reduce debt and simplify its portfolio.

• Shopping centre

  Merry Hill

  A major shopping centre acquired by Intu through the 2014 property transaction involving Westfield Derby and Sprucefield Park. It was one of the large United Kingdom regional assets associated with the group before administration.

• Shopping centre

  Westfield Derby

  The Derby shopping centre whose ownership passed to Intu as part of the 2014 property deal. It exemplified Intu's acquisition-led expansion across established regional retail destinations.

• Shopping centre · 2013

  Midsummer Place

  A shopping centre in Milton Keynes acquired from Legal & General in 2013 for approximately £250.5 million. The purchase broadened Intu's portfolio in a significant United Kingdom retail location.

• 2013Intu brand launch and centre rebranding

  United Kingdom

  The company introduced a unified orange-and-black Intu identity, including a bird emblem associated with joy, and applied the name to twelve shopping centres. The programme was intended to make a portfolio of separately named properties more recognizable to consumers and to present the centres as experience-led destinations.

  Outcome. Most of the group's centres operated under the Intu identity for the remainder of the corporate group's independent life.

  Source
• 2013Online shopping-centre initiative

  United Kingdom

  As part of its response to changing consumer behaviour, Intu launched an online shopping-centre proposition intended to extend the physical destination model into digital retail. Intu launched an online shopping-centre proposition, described as the United Kingdom's first, as part of a broader effort to respond to digital commerce and changing customer behaviour and to connect physical centres with online shopping habits.

  Outcome. The initiative formed part of Intu's digital and customer-experience strategy, although the corporate group later entered administration. The initiative accompanied the wider rebrand and reflected the company's effort to connect physical shopping centres with online shopping habits.

  Source
• 2013Intu brand relaunch

  United Kingdom · Spain

  Capital Shopping Centres Group introduced the Intu identity, including an orange-and-black visual system and a bird emblem associated with joy. Twelve shopping centres were initially selected for rebranding, with the new identity intended to make the destinations more consumer-oriented and experience-led.

  Outcome. The Intu name became the principal consumer brand for the group's shopping-centre portfolio and was used across most of its centres from May 2013.

  Source

• 2020

  Emergency fundraising abandonedStrategy

  Background

  Intu faced approximately £4.5 billion of debt, a reported £2 billion loss for 2019 and increasing rent-payment delays during the COVID-19 pandemic.

  Action taken

  The company abandoned a proposed £1.3 billion emergency cash call after failing to secure sufficient investor support.

  Aftermath

  Intu warned that it might breach debt covenants, entered restructuring discussions with lenders and ultimately went into administration.

  Emergency fundraising sought. £1.3 billion proposed cash call (March 2020)

  Source

• 2020

  Entry into administrationOther

  Background

  Restructuring negotiations failed as the company faced debt pressure, covenant risk and reduced rental receipts during the pandemic. The COVID-19 pandemic reduced rental collections as retailers delayed payments, while Intu's restructuring talks with lenders failed.

  Action taken

  Intu appointed KPMG as a contingency administrator and entered administration on 26 June. Intu appointed administrators on 26 June 2020 after warning that its centres could face disruption if a financing agreement was not reached.

  Aftermath

  Its centres moved into asset-level ownership, funding and management arrangements involving new owners and firms including Global Mutual and Savills. The listed group became defunct. Individual centres and subsidiaries were subsequently transferred, refinanced or placed under new asset and property managers.

  Source

• 2020

  Abandonment of emergency cash callStrategy

  Background

  Intu reported heavy losses, carried approximately £4.5 billion of debt and needed additional capital to support its balance sheet.

  Action taken

  The company abandoned a proposed £1.3 billion emergency equity raising after insufficient investor support.

  Aftermath

  The failed fundraising left Intu dependent on lender negotiations and exposed to covenant breaches, which contributed to its entry into administration in June.

  Proposed emergency cash raising. £1.3 billion proposed but abandoned (March 2020)

  Source

• 2019

  Sale of Spanish assetsStrategy

  Background

  Intu needed to generate liquidity while facing pressure from debt, falling retail footfall and weaker tenant conditions. Intu was seeking liquidity while carrying substantial debt and dealing with pressure on shopping-centre valuations and rental income.

  Action taken

  The company sold its interest in Puerto Venecia and later sold its Oviedo asset, following discussions about disposing of three Spanish shopping centres. It agreed to sell interests in Puerto Venecia, intu Asturias and intu Xanadú, completing the Puerto Venecia disposal in December 2019 and the Oviedo disposal in early 2020.

  Aftermath

  The disposals generated funds but did not prevent the wider group's financial deterioration or administration.

  Puerto Venecia sale consideration. €237.7 million gross consideration; approximately €115 million reported net proceeds (December 2019)

  Source

• 2018

  Consortium takeover bid withdrawnM&A

  Background

  After the Hammerson proposal failed, Intu remained a potential target amid pressure on shopping-centre valuations and retail-sector performance.

  Action taken

  Peel Group, Olayan Group and Brookfield Property launched a proposed £2.8 billion bid but withdrew it after due diligence.

  Aftermath

  Intu remained independent and continued seeking portfolio and financing solutions.

  Proposed takeover value. £2.8 billion proposed bid (2018)

  Source

• 2017

  Agreement to Hammerson takeoverM&A

  Background

  Consolidation was increasing among large United Kingdom retail-property owners, and Intu agreed to combine with Hammerson. Intu was operating a large shopping-centre portfolio and faced increasing pressure from changing consumer behaviour and weakening traditional retail conditions.

  Action taken

  The companies announced a proposed takeover valued at £3.4 billion, subject to shareholder approval.

  Aftermath

  The proposed transaction did not complete. Hammerson recommended rejection in 2018, and a separate consortium bid later that year was withdrawn.

  Proposed takeover value. £3.4 billion proposed transaction (2017)

  • Hammerson — Hammerson's board later recommended that its shareholders reject the proposed transaction.

  Source

• 2013

  Adoption of the Intu brandStrategy

  Background

  The company sought a consistent consumer identity across a portfolio of major shopping centres while retail behaviour was becoming more digital and experience-led.

  Action taken

  Capital Shopping Centres Group changed its corporate name to Intu Properties plc, rebranded most centres and launched an online shopping-centre proposition.

  Aftermath

  Intu became the principal public-facing identity for the shopping-centre portfolio, although the business continued to face structural pressure from changing retail patterns.

  Source

• 2010

  Demerger and repositioning as a shopping-centre groupStrategy

  Background

  The company had moved from life-assurance investment into property and decided to separate Capital & Counties Properties as an independent business.

  Action taken

  The group demerged Capital & Counties Properties and renamed the remaining company Capital Shopping Centres Group.

  Aftermath

  The remaining business concentrated more explicitly on shopping-centre ownership and management.

  Source

• 2010

  Demerger and move toward shopping-centre concentrationStrategy

  Background

  The company was restructuring its historic insurance and property interests and had separated Capital & Counties Properties into an independent business.

  Action taken

  It changed its name to Capital Shopping Centres Group and concentrated its corporate identity around shopping-centre investment and ownership.

  Aftermath

  The restructuring created the corporate platform that later adopted the Intu brand and pursued large regional shopping-centre acquisitions.

  Source

• 2020.06.26

  Reported2020.06.26

  Intu Properties confirmed it would enter administration[2]Intu Properties确认将进入托管程序sunderlandecho.com

  Intu Properties, which runs 17 shopping centres across the UK, confirmed that it would enter administration. The company said its shopping centres would continue trading during the process.

• 2019.12.12

  Reported2019.12.12

  intu Lakeside wins intu Chairman’s Prize[3]intu Lakeside获得intu主席奖yourthurrock.com

  intu Lakeside was awarded the intu Chairman’s Prize for fundraising during 2019; the £4,000 prize was to be donated to Little Havens Hospice.

Read more

1. 1Intuen.wikipedia.org
2. 2Intu Properties确认将进入托管程序sunderlandecho.com
3. 3intu Lakeside获得intu主席奖yourthurrock.com