Intu the ground: How the ‘mall-ageddon’ claimed Donald Gordon’s R100bn property empire
The UK mall owner with its roots in SA may well be a victim of e-commerce, Brexit and Covid, but management failure is also to blame for the company’s spectacular fall from grace
Long-suffering shareholders of Intu Properties have nursed big losses in the past few years. And they may not get a penny back, with Covid-19 dealing a possible death blow to what was once one of the JSE’s most valuable and popular rand-hedge stocks.
The UK mall owner, founded four decades ago by SA insurance mogul Donald Gordon as Liberty International, was suspended on the JSE and London Stock Exchange (LSE) last week after it was placed under administration. Nearly R100bn has been wiped off the company’s market cap over the past five years.