INTU PROPERTIES PLC

INTU
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Intu Reportedly Puts Trafford Centre for Sale

08/11/2020 | 08:45pm
The Trafford Centre Group (Uk) Ltd, is being put up for sale, a source familiar with the matter told Reuters late August 11, 2020, in less than two months after its parent company intu properties plc collapsed into administration. The coronavirus pandemic has left retailers struggling to pay rents as fewer customers visited stores, stoking some major high street names such as John Lewis and Debenhams to shut stores. Trafford Centre was last valued publicly by Intu at close to 1.7 billion pounds ($2.22 billion), but analysts expect it to be sold for at least 20% lower - if a buyer can be found at an attractive price, according to Sky News, which first reported the news of the sale process. "All parties are working constructively together to maximise value for this highly attractive asset," a spokesperson for the joint administrators of Intu Properties said in a statement. The appointment of advisers to kick off a formal sale process is expected to attract the interest of John Whittaker, the property tycoon who sold the Trafford Centre to Intu in 2011, Sky News said. Investment bank PJT Partners and property research firm CBRE have been appointed to advise on the sale process, the source said.
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