Shopping Centres
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Sep- 2020 -18 September
Westfield owner announces £8.1bn ‘reset’ plan
Westfield owner Unibail-Rodamco Westfield (URW) has announced an €9bn (£8.1bn) ‘reset’ plan which will see it attempt to raise £3.2bn in capital and make a number of European disposals. Along with capital raising URW said it will be limiting cash dividends through scrip and/or a lower payout ratio, resulting in…
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Aug- 2020 -7 August
Usdaw warns business rates increase could risk more jobs
Retail trade union Usdaw has expressed “major concerns” over reports that the government is considering increasing business rates for premises with a rateable value over £51,000. The news comes as reports suggest Rishi Sunak is considering increasing business rates in an effort to boost the UK economy. Instead, Usdaw is…
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6 August
Hammerson seeks £825m to ride pandemic
Shopping centre owner Hammerson has announced it plans to raise £825m through fundraising and disposals as it looks to survive the impact of the coronavirus pandemic. The announcement comes as Hammerson reported that net rental income dropped by 44% to £87.3m during the first half of the year. For the…
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Jul- 2020 -30 July
Westfield rental income slumps in H1 results
Westfield owner, Unibail-Rodamco-Westfield (URW), has reported a 14.2% slump in net rental income to €1bn (£904m) in its half-year trading update. In the UK, net rental income value was down 34.1% to €50m (£45.2m). URW’s overall proportionate portfolio valuation also declined by 5.1% during the period. The group said the…
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17 July
Intu slashes 46 head office roles
Intu has slashed 46 roles across its London head offices, following its collapse into administration at the end of June. A spokesperson for the joint administrators confirmed the news, and said that a further 15 roles have also been cut at Intu Broadmarsh in Nottingham, which was the result of…
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10 July
John Whittaker steps downs as Intu chairman
John Whittaker has reportedly stepped down from his role as chairman of embattled shopping centre owner Intu. According to Property Week, Whittaker resigned from his role as chairman and non-executive director on 26 June – the same day Intu entered administration. It also reported that Whittaker had not attended an…
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3 July
Landsec welcomes ‘encouraging’ return of footfall
Landsec has announced that its shopping centres, outlets and retail parks have welcomed “encouraging” levels of footfall since their reopening last month. The retail property giant said that as of 30 June, 79% of its retail units were once again trading. Since non-essential retail opened on 15 June in England,…
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Jun- 2020 -29 June
Investors push for Trafford Centre sale
A Canadian investor is reportedly pushing for the sale of Intu’s Trafford Centre following Intu’s collapse, the Sunday Times has reported. The reports come only days after Intu collapsed into administration on Friday 26 June. Following the administration, control of Intu’s 17 shopping centres will be passed to their respective…
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26 June
Intu collapses into administration
Intu has officially called in administrators, after weeks of speculation that the group was on the brink of collapse. The retail property giant issued a statement this morning stating that it was “likely” that the group would appoint administrators, after admitting that it had so far failed in reaching standstill…
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26 June
Intu admits appointment of administrators ‘likely’
Shopping centre owner Intu has admitted that it has so far failed in reaching standstill agreements with landlords and therefore is “likely” to appoint administrators. On 23 June 2020, Intu provided an update on discussions with key stakeholders to progress its standstill strategy ahead of the revolving credit facility covenant…
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