Intu administration puts £2.5bn of CMBS at risk

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By Tom Brown
26 Aug 2020

UK shopping centre owner Intu Properties has fallen into administration, throwing into question the fate of £2.5bn of CMBS notes secured by its real estate.

Assets owned by Intu have been hammered by the pandemic. Among them, the Metrocentre in Newcastle is in breach of its 70% LTV cash-trap trigger, while the Intu Derby Shopping Centre could see the CMBS loan fully redeemed if a sale occurs.

As the UK’s biggest shopping centre owner, ...

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