Intu has been under pressure from the rise of e-commerce and is under the administration of KPMG
A decade after it was formed as the brainchild of the late SA insurance mogul and philanthropist Donald Gordon, Intu Properties, the UK’s largest shopping mall chain will delist from the JSE and London Stock Exchange.
Intu’s listing on the JSE main board suspended at the end of June after the company said it had to enter administration after failing to secure an agreement to defer payments on some if its almost R100bn debt, despite owning assets worth close to £9bn . Intu owned various malls in the UK while Capco owned a retail development at the iconic Covent Garden and a residential development at Earl’s Court in London.Intu’s malls, especially those on high streets, battled to compete with online retailers and critics said the company did not offer enough family entertainment. The group also employed a complicated debt-funding structure.
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