Intu boss quits after landlord falls into administration Intu boss quits after landlord falls into administration The boss of Intu has stepped down a week after the UK’s biggest shopping centre owner went into administration having failed to agree a last minute deal with lenders. Administrator KPMG told staff that Matthew Roberts, who took over the top job last year after nine years as the firm’s finance chief, had quit, Sky [...]
Intu ready to call in the administrators as funding talks fail Intu ready to call in the administrators after talks fail Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future. The retail landlord said “unfortunately, insufficient alignment and agreement has been achieved” with key creditors on a standstill on loan repayments, ahead of its debt waiver period expiring at midnight tonight. Intu was already suffering [...]
Rent day: Landlords braced for as little as one-sixth of quarterly payments Rent day: Landlords braced for as little as one-sixth of quarterly payments Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today, with quarterly payments due by the end of today. Experts have warned of an impending crisis on both the landlord and tenant side without further government support, with businesses across the spectrum unable to pay [...]
Selfridges, Kurt Geiger, Intu hail shopper appetite as stores reopen June 16, 2020 High-end retailers have struck a positive note after the first day of their stores being reopen since the coronavirus lockdown started in March. Selfridges, the London department store, said that footfall had been greater than expected, while other retailers and venues gave similar indications. Selfridges said: “We have been pleasantly surprised by the response as [...]
Intu to take ‘robust action’ against large tenants withholding rent May 1, 2020 Shopping centre landlord Intu warned it is prepared to take “robust action” against “well-capitalised” tenants that refuse to pay rent during the coronavirus crisis. Intu, which owns Manchester’s Trafford Centre, said it had received 40 per cent of rent due for the first quarter. It is in advanced discussions with tenants representing a further 28 [...]
Intu warns tenants over unpaid rent amid coronavirus pandemic April 2, 2020 Embattled retail landlord Intu has threatened to issue statutory demands to tenants that have refused to pay rent during the coronavirus crisis. The shopping centre owner, which revealed last week that it had collected just 29 per cent of the quarterly rent due, said it had “neither the desire or financial capacity” to waive rents [...]
Intu raises going concern doubts as losses deepen March 12, 2020 Embattled retail landlord Intu raised doubts over its ability to continue as a going concern this morning as it reported a sharp increase in losses last year amid store closures and rent reductions. The figures Shares plunged 16 per cent this morning as the company reported a £2.02bn loss for the year, compared to a [...]
Intu seeks to raise boss’s bonus amid financial troubles February 16, 2020 Beleaguered retail landlord Intu could face a showdown with investors over executive pay, as it seeks to hike the potential bonus of new chief executive Matthew Roberts. Intu is seeking to bring the the potential share awards in its long-term incentive plan back up to 250 per cent, after the scheme was cut back to [...]
Intu deep? Shares plunge after Link pulls out of landlord’s £1bn emergency cash call February 11, 2020 Intu shares lost almost a third of their value on Tuesday after Link Real Estate Investment Trust said it would no longer participate in the troubled retail landlord’s £1bn emergency cash call. It emerged yesterday that Link was in talks with Intu, which owns the Trafford Centre, over potentially becoming a “cornerstone” investor in the [...]
Intu shares jump as it confirms talks over £1bn emergency cash raise February 10, 2020 Retail landlord Intu this morning confirmed that it was in talks with a number of investors over its £1bn emergency cash call. The property giant said that it was in “constructive discussions” with shareholders including the Peel Group and Link Real Estate Investment Trust (Link REIT) regarding a proposed equity raise alongside the firm’s full [...]