Intu could lose centres

Intu bondholders plans could see centres in Essex, Glasgow, Watford, and Nottingham seized

Written by Georgie Dobie

Posted 01.05.2020 | Retail

Intu could lose centres thumbnail

Plans reportedly drawn up by bondholders, could see Intu lose some of its key retail assets as early as June.

React News reported that law firm Clifford Chance and investment bank Moelis & Company have been appointed to advise bondholders of £1.3bn of debt secured against some of Intu’s centres. 

Lakeside in Essex, Braehead in Glasgow, Watford in Hertfordshire and the Victoria Centre in Nottingham could be seized if Intu breaches debt covenants in June. 

After it received less than one-third of UK quarterly rent payments, Intu had already warned that it may breach debt covenants in July.  

It received just 29 per cent of rent due across its centres in the UK, compared with 77 per cent of rent for the same quarter last year. 

The outbreak of Covid-19 has undoubtedly contributed to a decline in rental income. 

Intu employs about 2500 people and owns 14 shopping centres in the UK. 


Smart Games unveils two new brain busters thumbnail

Smart Games unveils two new brain busters

Cube Duel and Plug & Play Puzzler join the Smart Toys and Games portfolio

HRH The Princess Royal reads Thomas and the Royal Engine thumbnail

HRH The Princess Royal reads Thomas and the Royal Engine

The Princess Royal marks the end of Save the Children’s Save With Stories initiative with the tale of Thomas the ...

Lego puts pop art back in the picture thumbnail

Lego puts pop art back in the picture

New Lego Art sets featuring Marvel and Star Wars characters and famous celebrities help adults get into the right ‘frame’ ...

Press Releases

Radio silence broken on Novel Entertainment’s new Horrid Henry podcast thumbnail

Radio silence broken on Novel Entertainment’s new Horrid Henry podcast

The first podcast based on the award-winning Horrid Henry TV series will launch this week under new ‘Horrid Henry Unlocked’ ...

APC Kids signs trio of deals for CTC Media’s Kid-E-Cats thumbnail

APC Kids signs trio of deals for CTC Media’s Kid-E-Cats

New deals sees hit property’s footprint expand in Asia, Latin America and North America

Live the track with the Lego Technic Ducati Panigale V4 R thumbnail

Live the track with the Lego Technic Ducati Panigale V4 R

The Lego Group has revealed its latest Lego Technic model – the Ducati Panigale V4 R

Have a field day with Britains’ New Holland Tractor! thumbnail

Have a field day with Britains’ New Holland Tractor!

Tomy has revealed the latest launch from Britains – a New Holland T8.435 Tractor