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.
Intu’s update follows a failed £3.4bn 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: “[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 £10 billion of assets…”
Fischel, who has headed the company since 2001, will leave Intu once a successor is appointed.
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