19 October 2020
Over a handful of Intu shopping centers have been saved and transferred to new management.
As of today, Intu Lakeside, Watford, Victoria, Braehead have been taken over by Global Mutual. Savills are the appointed property managers. Such properties have left the Intu portfolio.
This comes days after hearing that Stoke-on-Trent's Intu Potteries shopping centre was acquired by MAPP, the property company.
MAPP and APAM were also appointed to manage Intu Eldon Square (Newcastle upon Tyne) and Soar (Braehead, Glasgow).
17 July 2020
After collapsing into administration last month, it has been reported that Intu has made 46 redundancies at its London head office and 15 at one of its subsidary companies, the Broadmarsh Centre in Nottingham.
26 June 2020
Retail property giant, Intu, has confirmed that it has gone into administration as talks break down. However, for now the shopping centres will stay open, under its administrator, KPMG.
Just yesterday, it was reported that commercial landlords, particularly those with retail properties, were the worst performing group of this week's quarter collections. They received just 13.8 per cent of the rent they were owed - this adding up with the current situation of Intu!
23 June 2020
Ahead of its Friday deadline, KPMG are on stand-by as Intu negotiate deals with lenders as it tries to secure vital breathing space for its survival. Intu hope to arrange a standstill agreement on terms of up to 18 months, but as is stands now, it looks more likely to be no more than 15 months.
11 June 2020
It is shared by Sky News today that KPMG has asked bondholders of the vehicles directly owning the Intu Metrocentre in Gateshead and Manchester's Trafford Centre for up to £12m in additional funding.
Without this money lies the risk of some of the UK shopping centres being unable to continue operating.
6 June 2020
Just over a month ago we heard that David Hargrave was appointed to try and mend the companies balance sheet.
Now Britain’s biggest shopping centre-owner, Intu Properties, has lined up KPMG as administrators if needed, following the failure of gaining breathing space from its lenders.
The company is entering a crucial fortnight which will determine if it emerges from the COVID-19 pandemic in one piece.
An insolvency procedure is expected if its lenders do not agree to grant relief by approving an 18-month standstill on its vast debt obligations – the company having around £4.5 billion worth of debt. Published figures indicate that this standstill agreement would leave the company with enough cash to continue operations.
Despite one source saying there was ‘’cautious optimism’’ that its banks would agree to step back from the brink, another source warned that if sufficient progress in negotiations with lenders is not made, declaration of insolvency within a fortnight is extremely likely.
Intu Properties is behind Manchester’s Trafford Centre, Gateshead’s Metrocentre and Lakeside in Essex – directly employing over 2,000 people and indirectly a further 102,000, through its UK shopping centres.
If administration were to occur, it would be one of the most complex that the British property industry has seen in years, increasing pressure and fears for the wider commercial real estate sector.
Intu has a complex structure. It has 17 UK shopping centre assets owned by separate special purpose vehicles against which the listed parent company borrows money to fund its operations. If the listed parent company has to appoint administrators, the outcome and wider implications for each of its individual assets are blurred.
Both KPMG and Intu Properties declined to comment.