intu's Lakeside Shopping Centre

UK mall giant intu collapses into administration

intu infographic by The Big Picture (Cinema Advisers) Ltd
Click to enlarge infographic by The Big Picture (Cinema Advisers) Ltd

Shopping centre owner has collapsed into administration after failing to reach an agreement over its debt with lenders as a range of asset managers are understood to be lining up to take over the running of the shopping centre portfolio including British Land and M&G Real Estate.

The company said shares listed on the London and Johannesburg stock exchanges had been suspended. Administrators KPMG have been appointed to oversee the process and will keep its shopping centres open and trading.

Intu said: “Discussions have been ongoing with financial stakeholders to achieve standstill-based agreements. However, insufficient alignment and agreement in relation to the terms of such standstill-based agreements has been achieved with financial stakeholders.

”As such, application is being made for the administrators to be appointed to intu and several other key central entities in the intu group.”

Many potential asset managers are understood to already be lining up to take over the 17 different shopping centres.

Global Mutual is understood to have be taking over intu’s centres in Essex, Watford, Braehead and Nottingham Victoria. Meanwhile, British Land is lined up to take over the Trafford Centre in Manchester, Ellandi would take on Merry Hill in Birmingham and Sovereign Centros would take over the Metrocentre in Gateshead.

M&G Real Estate, joint venture partner on the Mall at Cribbs Causeway in Bristol and the Manchester Arndale shopping centre, is expected to take on the running of both centres. Landsec will take on St David’s in Cardiff, Cale Street Partners will take on Derby and APAM will take on intu Potteries in Stoke-on-Trent and Eldon Square in Newcastle…

… visit Property Week to read full story

see also Retail Gazette

see also BISNOW 

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