Whittaker increases Intu stake

John Whittaker has increased his stake in Intu Properties, owner of the Trafford Centre.

The Peel Group chairman and Intu deputy chairman paid £312,475 for 100,000 shares, taking the Whittaker family's overall stake to 19.85% of the company.

Factoring in bonds which could be converted to shares, the Whittaker family controls 23.83% of Intu Properties, formerly Capital Shopping Centres.

Peel Holdings sold the Trafford Centre to CSC in November 2010 for £75m and a 19.9% stake in Intu.

The overall percentage of the stake was reduced as a result of a new share issue in March this year to fund the £250m acquisition of the Midsummer Place Shopping Centre in Milton Keynes.

Prior to the March issue, Peel Group held 20.1% of the issued share capital of Intu and undertook to subscribe for approximately £50m of new shares.