CPPIB, one of the world's largest pension funds, had been reported to want a quick sale of the Manchester site, but had been met by opposition from the holders of £690m of mortgage-backed bonds secured against the centre.
The auction process will provide a crucial test of investors' appetite to buy flagship retail destinations at a time when footfall has been severely hampered by theRetailers including Debenhams, Cath Kidston and Laura Ashley have fallen into administration, with numerous others turning to their creditors to secure approval for rescue deals.
Intu had been struggling for some time, although the speed of its collapse was remarkable given that it had been in London's FTSE-250 index as recently as last year.At the point of KPMG's appointment, it directly employed nearly 3000 people, with a further 102,000 working in its UK shopping centres.KPMG, the administrator, has managed to secure funding to continue managing Intu's portfolio of sites for a six-month period.
TalFord7 😳
Ideally suited for one of the big yellow storage companies? Shopping centres are dead. Sadly.
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