Intu to pay Peel £26m dividend

Peel stands to receive a windfall in May from Intu Properties, in which it holds a 22% stake.

John Whittaker's Peel has been building its stake in the mall investor over recent months, taking the Trafford Centre developer's stake from 19% a year ago. Intu, formerly known as Capital Shopping Centres, acquired the Trafford Centre in 2010 from Peel.

Peel now holds 290,108,899 shares in Intu. The 9.1p-a-share dividend due to be paid in cash or shares on 28 May will be worth £26.1m to Peel. The dividend is subject to shareholder approval on 6 May.

Intu owns major shopping centres around the UK and Spain and has a market capitalisation of £4.6bn.

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