David Fischel, the CEO of Intu Properties, is to leave as the British shopping centre operator swung to a loss and warned of lower rental income growth for the full year, sending its shares down.
Intuโs update follows a failed ยฃ3.4bn takeover bid by rival Hammerson in April and a string of bankruptcies of retailers that has hit the company hard.
The company said it now expects like-for-like net rental income growth to be at the lower end of its previous range of 1.5 per cent to 2.5 per cent.
John Strachan, chairman, said: โ[David] has played a major role in Intu becoming the UK’s leading owner, developer and manager of large scale regional shopping centres with some ยฃ10 billion of assets…”
Fischel, who has headed the company since 2001, will leave Intu once a successor is appointed.
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