Intu Properties chief operating officer to retire

Rand-hedge real estate company Intu Properties announced on Monday its chief operating officer Mike Butterworth intended to retire at the end of this year.

The process of determining how best to replace Butterworth's role had commenced and further details would be announced in due course, the group said.

"Mike joined Intu following the intu Trafford Centre transaction at the end of 2010 and leaves a highly experienced and capable asset management team in place, including four regional directors who were appointed last year," Intu said.

CEO David Fischel said Butterworth had made a substantial contribution to the group over the past five years, during which its total assets had increased from £5 billion to £9.5 billion.

"He (Butterworth) has also overseen the build-up and increasing momentum of the group's UK investment and development programme now amounting to £1.5 billion. Mike will leave the Group at the end of this year with our best wishes for a long and happy retirement," Fischel said.

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »