On Friday, Intu Properties went into administration after failing to reach an agreement with its lenders. Intu owns a number of major shopping centres in the UK including intu Trafford Centre, intu Lakeside, intu Merry Hill and intu MetroCentre, in addition to a shopping centre and development site in Spain. KPMG has been appointed as administrator.
Intu and KPMG have issued statements assuring the continued trading of the shopping centres: “Each of the centres is owned individually by special purpose vehicles – ‘Propcos’ – which are outside of any insolvency process and continue to trade as normal under the control of their directors. An agreement has been reached with key stakeholders which will allow continued provision of central services to the Propcos. Consequently, all of the shopping centres will remain open and operational while the joint administrators assess options for the business and assets of the group.”