London looks a lot sweeter now for JSE-listed groups
UK mall owners such as Capital & Counties and Intu Properties thrive on the fresh hopes around Brexit
Things may be looking up for JSE-listed UK mall owners such as Capital & Counties (Capco), Capital & Regional and Intu Properties. These groups are beginning to see certainty around Brexit and they are also catching the eyes of potential suitors.
SA’s largest real estate group, Growthpoint Properties, last week announced it would take over Capital & Regional in a deal worth close to R3bn. A few companies have made a play for Intu in the past few years. And on Monday Capco said it was aware of reports that UK multimillionaire property developer Nick Candy was preparing a consortium for a takeover offer. Capco’s share price (https://www.sharenet.co.za/v3/quickshare.php?scode=CCO) closed 8.74% up on Monday, and settled at R50.71 on Tuesday.
Of late, SA property stocks have had to wade through an overhaul of the retail landscape as online shopping has left traditional shops in the dust. Other retailers have adapted their operations and store designs. Some struggling retailers, especially those who sell fast fashion, have pleaded with landlords for their rents to be dropped. ..