The owner of the Trafford Centre and Lakeside shopping centres has filed for administration after being unable to reach a refinancing deal with its lenders.
Intu revealed to the stock market this afternoon it had appointed KPMG to handle its administration and had suspended its shares from trading on the London Stock Exchange.
It stressed that its underlying group operating companies remain unaffected and all shopping centres are continuing to trade.
Intu’s relationships with its tenants are with these operating companies, not the companies entering administration, therefore the shopping centre businesses will continue as usual.
Intu fell into administration after breaching its lending covenants on 1 May due to the coronavirus crisis and shuttering of retail outlets.
It entered into discussions with its financial stakeholders to achieve standstill-based agreements, however it was unable to reach such an agreement ahead of a deadline of this evening.
Intu is the UK’s third largest shopping centre owner, with 14 wholly owned retail complexes and three joint ventures.