Intu raises £25m

intu agrees to sell three surplus sites

intu, reeling from the collapse of its second takeover bid in a year, has announced the sale of three properties for a combined value of £25.25 million, all of which have been achieved above book value.

At Brierley Hill in the West Midlands intu has exchanged contracts to sell a freehold investment located near its intu Merry Hill shopping centre. The 75,186-sq ft property occupies a five-acre site.

In Nottingham intu has exchanged contracts to sell its freehold and leasehold interests in York House, a 24,000-sq ft site adjacent to intu Victoria Centre in Nottingham.

And in Derby intu has sold the 53,000- sq ft four-storey former BHS store at 59-61 St Peter’s Street. The purchaser is reported to be Mike Ashley who has threatened to close all his stores in intu malls following the failure to agree rent cuts for the four House of Fraser units.

Chief executive David Fischel said: “These three deals, all successfully sold at above book value, are further evidence of our commitment to dispose of non-core assets and recycle capital into our exciting development programme. All three sites will continue to benefit from being in the vicinity of hugely popular intu shopping centres which welcome millions of shoppers every year.”

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