Strachan to chair intu

Published:  26 February, 2017

John Strachan to succeed Patrick Burgess as chairman

Strachan brings a wealth of experience from the retail property sector, with extensive knowledge of the Spanish market, which is becoming a substantial part of the intu business. He was global head of retail services and chairman of the retail board at Cushman & Wakefield until 2015 and prior to that head of UK and European retail at Healey & Baker, with whom he commenced his career in 1972.

Strachan is a past president and chairman of the British Council of Shopping Centres (now Revo). He is currently a member of the global & European boards of the International Council of Shopping Centres.

The news comes as Intu Properties released its preliminary results for the 12 months to 31 December 2016. A £64m revaluation defecit depressed annual profits from £518m to £178m, although net rental income was up from £428m to £447m and the portfolio valuation rose from £9.6bn to £9.985bn.

During the year intu signed 214 long-term leases (187 in the UK and 27 in Spain) delivering £38m million of annual rent at an average of 4 per cent above previous passing rent. Footfall increased by 1.3 per cent, compared to a 2.0 per cent fall in the national ShopperTrak retail average.

Chief executive David Fischel said: “While the environment for business this year is likely to be challenging as the full impact emerges of the UK's EU referendum vote, we are well positioned as we focus on top quality assets in prime locations with high occupancy and strong footfall. The dividend increase reflects the results for the year and our confidence in intu's prospects. We intend to deliver continuing growth in like-for-like net rental income over the coming years."

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