Intu news and archive

Manchester’s Trafford Centre acquired by Canadian pension fund

Manchester’s Trafford Centre has been acquired by The Canada Pension Plan Investment Board (CPPIB) following the collapse of the shopping’s previous owner Intu earlier this year. British property giant Intu fell into administration in June following failed crunch talks with its lenders, though its shopping centres have continued trading since...

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Intu Potteries under new management

The Intu Potteries shopping centre in Stoke-on-Trent has undergone a change in management following the collapse in the summer of its owner, British property giant Intu. The site, which later this year will be renamed to The Potteries Centre, will now be run by property management business MAPP, while investment manager APAM will assume asset...

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In pictures: Next opens first beauty halls

Next has opened the doors of its first new beauty concept stores at Intu Watford and Intu Milton Keynes. It is the first of four new beauty concept stores the British retailer announced earlier this year amid plans to expand its beauty business - all of which will open before Christmas. The new Intu store stocks a range of premium brands...

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Intu Milton Keynes acquired by shopping centre operator Ellandi

Intu Milton Keynes has been taken over by property group Ellandi. Ellandi will be the new asset manager of Intu Milton Keynes, but Savills will run it day-to-day. The site will retain its name for now before eventually being rebranded, Ellandi co-founder Morgan Garfield said. It comes after British property giant Intu fell into administration in...

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Intu SGS secures 30 million pound investment

Intu SGS, the holding company for Intu Watford, Lakeside, Victoria Centre in Nottingham and Braehead in Glasgow, has secured 30 million pounds of new investment and waivers on financial covenants. Creditors have approved a new super senior facility of up to 30 million pounds as well as other previously withheld cash. Intu fell into...

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Intu's Trafford Centre put up for sale

Intu’s Trafford Centre is reportedly going up for sale two months after it fell into administration. PJT Partners and CBRE have been hired as the administrators to market Intu Trafford Centre, according to Sky News. In a statement issued to Sky, a spokesperson for the joint administrators of Intu properties said: “All parties are working...

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Intu CEO Matthew Roberts steps down

Intu CEO Matthew Roberts has stepped down a week after the British shopping centre operator fell into administration. The company, which operates Manchester’s Trafford Centre and Lakeside in Essex, announced at the end of June that it had appointed accountancy firm KPMG as administrator after Intu’s crunch talks with lenders failed. Roberts has...

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Intu collapses into administration

British shopping centre operator Intu has fallen into administration following failed crunch talks with its lenders, becoming the latest - and one of the largest - casualties of British retail in recent months. The firm, which operates Manchester’s Trafford Centre and Lakeside in Essex, announced Friday that it had appointed accountancy firm...

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Intu: Administration looms as talks with lenders fail

Intu has announced that talks with lenders have failed, meaning the British shopping centre operator is expected to appoint administrators. The company had been in crunch talks with key stakeholders to reach a standstill agreement on terms of up to 18 months ahead of the revolving credit facility covenant waiver deadline of 26 June 2020. The...

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Intu warns shopping centres may close if administrators called in

Intu has warned that if crunch talks this week with lenders fail, it may fall into administration and be forced to close shopping centres. The UK shopping centre operator has been in talks with key stakeholders to reach a standstill agreement on terms of up to 18 months ahead of the revolving credit facility covenant waiver deadline of 26 June...

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Intu puts administrator KPMG on standby

UK shopping centre operator Intu has reportedly put accountancy firm KPMG on standby to act as administrator. KPMG will be handling an insolvency process if lenders refuse to grant Intu the 18-month standstill it has requested, Sky News reports. Intu employs around 2,000 people. The firm, which operates Manchester’s Trafford Centre and Lakeside...

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Intu forecasts 181.6 million pound drop in rent collections

UK shopping centre giant Intu has said it expects to collect 310 million pounds worth of rent in 2020, 181.6 million pounds less than the 491.6 million pounds it collected for 2019. The company, which operates Manchester’s Trafford Centre and Lakeside in Essex, has been hit hard by the Covid-19 pandemic and the resulting lockdown. In March, the...