Management team at Intu Properties is just more of the same, analysts say
The mall owner criticised for appointing internal people to key positions as it tries to improve its fortunes
Analysts have been critical of Intu Properties’ methods to turn around its fortunes, saying the company should have brought new blood into its management. Intu — which was formed when Donald Gordon’s UK real estate group, Liberty International, split in 2010 — has made a number of investors impatient after underperforming in the past few years. Shares in the group, which owns a portfolio of British and Spanish shopping malls, have fallen 66% over the past five years. Its UK portfolio is made up of 17 shopping centres, and in Spain it owns three, with plans to build a fourth. Its malls and developments are worth about £9.2bn but the value of these assets has been under strain. In an attempt to bring momentum to the company, its board replaced long-standing CEO David Fischel with former CFO Matthew Roberts at the beginning of May and last week a new chief investment officer, Dushyant Sangar, was appointed. Sangar was formerly an operations manager at Intu. In April, Barbara Gi...
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