Shopping Centres
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Jun- 2020 -23 June
Intu braces for administration
Intu has placed administrators on standby as a “contingency plan” in the event that discussions with lenders fail. Reports that the group placed KPMG on standby first surfaced earlier this month. The shopping centre owner has now confirmed that KPMG has been brought in after stating that a failure to…
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8 June
Intu places KPMG on standby as administration threatens
Shopping centre owner Intu has reportedly placed KPMG on standby in case it falls into administration ahead of an important period for the business. According to Sky News, Intu will appoint KPMG to handle an insolvency process if lenders refuse to freeze its debt obligations. Intu has reportedly requested a…
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Apr- 2020 -24 April
Hammerson’s £400m retail park disposal in doubt as Orion stalls
Hammerson has revealed its previously agreed £400m sale of seven of its retail parks has been put in doubt after prospective buyer Orion European Real Estate Fund said it does not intend to complete the deal. Hammerson revealed that under the terms of the unconditional sale and purchase agreement, Hammerson…
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Mar- 2020 -30 March
Hammerson suspends dividend after collecting just 37% of Q2 rent
Shopping centre owner Hammerson has revealed it collected only 37% of its Q2 rent bill and has suspended its dividend amid the coronavirus outbreak. In a trading update released this morning (30 March), Hammerson said that with figures adjusted for rent deferred, switched to monthly payment, and a nominal proportion…
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24 March
Westfield Stratford announces temporary closure amid coronavirus outbreak
Shopping centre Westfield Stratford City has announced it is “substantially closed” amid the outbreak of the Covid-19 outbreak. The shopping centre announced its closure on social media with a statement that it was closed with exceptions from grocery stores and pharmacies to “service our communities’ needs.” The statement read: “We…
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13 March
Intu warns of its future amid £2bn loss
Shopping centre owner Intu has warned of its future if it cannot raise extra funds, after it reported a £2bn loss for the year ending 31 December 2019. In the update announcing the news, the owner of Intu Lakeside and Manchester’s Old Trafford centre, said there is “material uncertainty” in…
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4 March
Intu abandons £1bn equity raise plans
Intu revealed it has abandoned plans to raise between £1bn and £1.5bn in emergency cash, citing “current uncertainty” in the equity markets. The retail property group had previously announced it was reviewing a “range” of options to fix its balance sheet and establish a “more appropriate” long-term capital structure. In…
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Feb- 2020 -28 February
New £90m north-east retail development secures 23 brands
Plans to build a new £90m outlet shopping and leisure destination in the North of England have been unveiled, along with the first 23 brands to sign-up including BOSS, Calvin Klein, Tommy Hilfiger, Adidas, Levi’s, Mint Velvet, Joules, Gap and Skechers. Scotch Corner Designer Village, situated on the A1(M) in…
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25 February
Hammerson profits sink to £534m in full year results
Retail landlord Hammerson has reported its losses have widened to a pre-tax loss of £537.8m in the year to 31 December, up from £173.3m in 2018. Hammerson reported an 11.2% decrease in rental income to £308.5m after it revealed that 6.7% of retailers were hit by administrations and restructuring. During…
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21 February
Hammerson offloads seven retail parks to Orion in £400m deal
Hammerson has announced it has agreed a deal to offload a portfolio of seven retail parks to Orion European Real Estate Fund V (Orion) in a £400m deal. The transaction marks the largest UK retail park portfolio sale in the past decade and follows Hammerson’s strategic decision, announced in July…
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