Shopping centre owner Intu has appointed Dushyant Sangar as its chief investment officer, as it faces a “challenging” year.
Sangar, currently corporate development director at Intu, joined the executive committee in 2014. In his new role he will be responsible for managing acquisitions and disposals and implementing the company’s ongoing investment strategy.
Before joining Intu, Sangar was part of the corporate acquisitions team at private equity real estate adviser MGPA (now Blackrock). He also specialised in real estate in his role at investment bank UBS.
Intu chief executive Matthew Roberts said: “Dushyant is a very talented and experienced real estate investment practitioner, who has played a vital role in our successful capital recycling over recent years. A key strategic objective for us is making smart use of capital, which includes reducing leverage and prioritising investment that furthers our winning destination strategy. Dushyant will be key in delivering disciplined capital allocation across the business, and I very much look forward to working with him.”
The news comes after Intu’s trading update last week, which predicted 2019 would be a “challenging” year for the company in the face of an onslaught of company voluntary arrangements (CVAs) and economic uncertainty.
As a result, Intu has revised its 2019 guidance. Roberts said: “We have revised our approach to how we guide towards our year-end like-for-like net rental income to factor in expected CVAs and have adjusted our 2019 guidance accordingly to -4% to -6%.”