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Intu properties plc (‘intu’) announces that it has exchanged and completed contracts with entities of the Ivanhoé Cambridge Group to acquire Xanadú shopping centre in Madrid, Spain, along with its associated management company and the SnowZone operating company, for a total cash consideration of €530 million, before working capital and other adjustments.
SA’s listed property sector continues to feed investor appetite, having raised about R153bn in the past six years.
Intu Properties Q3 trading update for period 1 July 2016 to 25 October 2016.
Properties grows its earnings per share 10% in the six months to June, despite concerns over the strength of the British consumer and downward pressure on UK property prices.
US, European and Asian fund managers are apparently starting to bulk up exposure to UK property stocks to cash in on the weaker pound and negative sentiment about Brexit.
Intu properties plc announces that it has exchanged contracts with the Queensland Investment Corporation to acquire the remaining 50 per cent of the Merry Hill estate for £410 million before expenses.
Property group Intu confirms a Thursday report in a regional newspaper that it is in talks to acquire half of a shopping centre near Birmingham it does not own for GBP410m.
SA investors may get their fingers burnt as they shift their money to offshore property stocks in a bid to counter the effects of a depreciating the rand.
Intu Properties plc changes management structure following the retirement of Mike Butterworth, chief operating officer.
There are signs that the South African listed property sector's strong run is ending.