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Intu, the company formerly known as Capital Shopping Centres, has started life under its new pseudonym with a burst of activity.
As well as the rebranding, which will see the group change the names of all of its shopping properties, including the Trafford Centre in Manchester, the company has bought a Milton Keynes property for £250m and set up a special purpose vehicle for issuing investment grade bonds secured against its £7bn portfolio.
The company is in a sweet spot in the property sector – large, out-of-town shopping centres are among the best-performing and most coveted property assets.
As the UK’s largest owner of shopping centres, Intu is well set up. However, the unchanged dividend and flat net asset value mean that the shares trading at 334p are full enough for now.
|Year to December 31||% change|
|Net rental income||£363m||0.3|
|Net Asset Value per share||392p||0.3|
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