Intu
Intu Properties plc is a British real estate investment trust (REIT), largely focused on shopping centre management and development. The company owns or part-owns 17 shopping centres in the UK and one in Spain. Its shares were listed on the London and Johannesburg stock exchanges, however, on 26 June 2020 trading was suspended and Intu Properties entered into adminstration after failing to negotiate further credit from its lenders.
Originally named Liberty International plc, it changed its name in May 2010 to Capital Shopping Centres Group plc after demerging its Capital & Counties Properties business unit to form an independent business. The company then renamed itself Intu Properties plc on 18 February 2013, followed by the rebrand of most of its shopping centres under the Intu name from May 2013.
The company was established by Sir Donald Gordon in 1980 under the name Transatlantic Insurance Holdings plc as an offshoot Liberty 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 May 2010, renamed itself Capital Shopping Centres Group (CSC).
The company also disposed of a significant holding in its Californian subsidiary Capital and Counties USA, which was acquired by Equity One in May 2010. Equity One was later acquired by Regency Centers Corporation.
In 2011, CSC purchased the Trafford Centre from 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 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
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