The owner of some of Britain’s biggest shopping centres has called for emergency support from its lenders and the government after its tenants paid less than a third of their rent bill. Intu Properties, which owns the Trafford Centre in Manchester and Lakeside in Essex, warned that it would breach the terms on its debt commitments after it reached only 29 percent of rents due from tenants this month, compared with 77 percent a year ago. Simon Thomas, a partner in Goodwin’s Financial Restructuring practice, said that the loss of income from rents could “accelerate” lender behavior. Read the article in The Times here.
In The Press March 27, 2020