UK Shopping Giant Intu Properties Falls into Administration
Posted on 06/28/2020
Intu Properties had some financial problems before the COVID-19 pandemic. Intu Properties has been deeply impacted by the coronavirus. The heavily-indebted real estate company fell into administration after it failed to secure an agreement with its creditors. Some of these lenders include HSBC plc, Lloyds Banking Group, Bank of America, UBS Group AG, NatWest, Credit Suisse AG, Barclays plc, and Bank of America. Intu Properties’ borrowings are distributed in over 21 separate debt instruments.
Intu owns 17 shopping centers in the United Kingdom. A number of large UK retail and hotel tenants have been unable to pay their leases due to the government lockdown. KPMG was appointed to handle the administration of Intu Properties.
Intu Properties has debts of more than £4.5 billion and employs more than 2,300 people. Some noteworthy Intu properties include Gateshead’s Metrocentre, the Trafford Centre in Manchester, and Lakeside in Essex.