Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

Bondholders set sights on Intu shopping centres

Shopping centre owner Intu could lose some of its key retail assets as early as June, as bondholders draw up plans to seize control. 

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.

Intu has already acknowledged that a breach of its upcoming debt covenants after it received less than one-third of UK quarterly rent payments. It received just 29% of rent due yesterday across its UK centres, compared with 77% of rent for the same quarter last year. 

Drapers’ coronavirus update

We’re working to keep delivering to your doorstep. If your magazine is delivered to your office and you’d like to change this, please email help@subscribe.drapersonline.com or call 01604 828 705.

As a subscriber you can also read the digital editions of the magazine, which can be found under the ‘My Account’ tab on the main navigation bar.

Finally, make sure you’ve signed up to our newsletters by visiting ‘My Account’ and ‘Newsletters’.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.