Live updates as new company announces takeover of Intu Victoria Center in Nottingham

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A real estate company has taken control of Intu Victoria Center – and creditors have accepted proposals to give it greater financial stability. In addition to the Victoria Center, Intu SGS is preparing to take control of Intu Lakeside, Essex, Intu Watford and Intu Braehead, Glasgow – with a full migration slated for later this year.

A spokesperson for Intu SGS said the proposals “provide us with the stable financial platform to move forward as we continue to recover from the impact of Covid-19.”

“Creditors have also agreed to inject up to £ 30million in new money if needed, in a new statement of support,” he said.

“Intu continues to manage these four centers which continue to return to business as usual with 92% occupancy and over 90% of the units now open and traded.

“Attendance continues to increase at all four centers, the best performing being intu Braehead, who has almost returned to pre-pandemic levels, underscoring the continued attractiveness of these destination assets to visitors. ”

The proposals include what has been described as a ‘super senior facility’ of up to £ 30million, which will be funded if liquidity needs to be improved; and the release of cash previously held in certain accounts to increase the cash available for operations.

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Global Mutual has been appointed asset manager of the four shopping centers and Savills as property manager, once the transition is complete.

The news comes two months after the appointment of directors of intu Properties Plc and seven other core group companies.

Intu, who once owned the Broadmarsh Shopping Center before it was taken over by Nottingham City Council, has racked up debts of £ 4.7 billion. The shopping center giant was trying to grant a suspension of its loans with its lenders, but negotiations failed.

The directors have not been appointed for any of the real estate companies (PropCos) which own the various shopping centers.

The centers, which continue to operate normally, and are managed by intu, now operate under the supervision of KPMG administrators.

Follow this blog for updates.

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