Intu Properties : Disposal of Intu Bromley

25 OCTOBER 2016

INTU PROPERTIES PLC

DISPOSAL OF INTU BROMLEY

intu properties plc ('intu') has exchanged contracts to sell its 63.525 per cent stake in intu Bromley to Alaska Permanent Fund Corporation ('APFC') for £177.9 million, representing a premium to its 30 June 2016 valuation of £175.9 million. The topped-up net initial yield based on market value at 30 June 2016 was 5.7 per cent.

intu Bromley is located in London's largest borough and has an annual footfall of 20 million. intu has repositioned the asset having undertaken a successful mall refurbishment programme which improved the tenant mix of the centre and most recently with the fully let Queen's Garden restaurant terrace.

As part of the transaction, APFC have also acquired Aviva's 21.475 per cent interest in the centre. London Borough of Bromley is retaining its 15 per cent interest and freehold. The centre will be managed by LaSalle Investment Management on behalf of APFC. Completion is expected before the end of the year.

The transaction is in line with intu's stated strategy of recycling capital into its £600 millionUK development pipeline. intu will repay from the proceeds the current bank debt secured on the asset of £95.8 million.

David Fischel, Chief Executive, commented:

'We are pleased to have successfully concluded this transaction which enables us to recycle capital into our UK development programme focused on our super-regional assets and, at a consideration above our June 2016 market value, demonstrates the continuing investment demand for prime UK shopping centres.'

ENQUIRIES

NOTES FOR EDITORS

intu is the UK's leading owner, manager and developer of prime regional shopping centres with a growing presence in Spain.

We are passionate about creating uniquely compelling experiences, in centre and online, that attract customers, delivering enhanced footfall, dwell time and loyalty. This helps our retailers flourish, driving occupancy and income growth.

A FTSE 100 company, we own many of the UK's largest and most popular retail destinations, including nine of the top 20, with super regional centres such as intu Trafford Centre and intu Lakeside and vibrant city centre locations from Newcastle to Watford.

We are focused on four strategic objectives: optimising the performance of our assets to provide attractive long term total property returns, delivering our UK development pipeline to add value to our portfolio, leveraging the strength of our brand and seizing the opportunity in Spain to create a business of scale.

We are committed to our local communities and to operating with environmental responsibility. Our centres support over 120,000 jobs representing about 4% of the total UK retail workforce.

Our success creates value for our retailers, investors and the communities we serve.