intu’s share price increased by 2.89 percent to R18.49 on the JSE after the transaction was announced, compared with a flat JSE All Property Index at the time, but intu’s share price remains far below its 52-week high of R38.04. The share closed 3.06 percent higher at R18.52 on Thursday.
Intu chief executive designate Matthew Roberts said the deal was in line with intu’s strategy, considering the challenging investment market, of reducing loan-to-value through disposals and part-disposals. The transaction was expected to reduce the group's loan-to-value by about one percent.
intu Derby is located in the centre of Derby and is a key retail and leisure destination in the East Midlands, with an annual footfall of 22 million.
The 1.3 million square foot centre was extended and redeveloped in 2007, and provides over 200 units and includes key retailers such as M&S, Debenhams, Next, H&M, Sainsbury’s, Zara and Hollywood Bowl.