RESTAURANTS OF MANCHESTER - Manchester restaurant news | About Restaurants Of Manchester | Advertise
Restaurants Of Manchester
Restaurants Of Manchester
Manchester Restaurant News

The Arndale & Trafford Centre Intu Deep Trouble

11th Feb 2020


The future of the The Trafford Centre and Manchester Arndale is in question as landlord Intu Properties have seen their share price crash to a shocking new all time low of  11p (from a pre-Brexit Referendum price of £3.53), giving the company a market value of just £163m.


The collapse of the company's value follows news that Hong Kong investor, Link, had pulled out of emergency refinancing plans, as the shopping centre giant struggles to service its £4.7bn debt.


Link, the largest real estate investment trust in Asia said in a statement: “Link remains interested in opportunities in the UK, but our negotiations with Intu have not reached an agreement.”



~ Advertisement ~



The Guardian newspaper report that Intu’s largest shareholder, Manchester's Peel Group, who own a 27% stake, remain supportive of providing more emergency funds, as do some other larger existing investors.


Intu currently own 95.3% of the Arndale with Prudential, whilst some of their other shopping centres are partly owned by local councils, such as Newcastle, Nottingham, and Watford.


After previous talks of a takeover of Intu collapsed in 2018 (including a £2.9bn bid by Peel), because of "concerns related to Brexit", the company has made desperate attempts to raise funds, and recently raised €200m by selling two of its Spanish malls in Oviedo and Zaragoza.



~ Advertisement ~



With many of Intu's biggest tenants struggling, the likes of HMV, New Look Men and LaTasca have all closed down completely, whilst chains like Debenhams, House of Fraser, Topshop, and Monsoon Accessorize, have all restructured their rent arrangements using company voluntary arrangements (CVAs).


CVAs - a form of insolvency which enables companies to write off part of their debts - are controversial and dangerous for landlords like Intu, as they often leave other retailers disadvantaged and angry about having to pay the full rental prices.


Intu have tried to move away from their reliance on retail by offering more units to restaurants, takeaways, banks and leisure attractions - Manchester Arndale’s new £11 million "Halle Place" dining quarter recently opened, whilst San Carlo and Archie's are the latest to open at The Trafford Centre.


Fortunately the Arndale and The Trafford Centre do not suffer with as many empty units as other Intu shopping centres, however the future doesn't look great for the struggling property company, or retail in general, for that matter, as the perfect storm of a shift to online sales, struggling tenants and an upcoming expected Brexit-related recession loom large.


Join Pride Of Manchester
Follow Pride Of Manchester for Exclusive 20th Anniversary Offers, Events & News...
Mailing List Facebook Instagram Twitter YouTube

- advertisement -

[back to top]

Disclaimer: and can not be held responsible for any differences experienced at the premises listed.

All images and information © 2002-2019 Pride Of Manchester

Privacy & Cookies Policy


Liverpool Restaurants
Liverpool Hotels

Liverpool Theatres
What's On in Liverpool

Disclaimer: and can not be held responsible for any differences experienced at the premises listed.

All images and information © 2002-2019 Pride Of Manchester


Best Bars in Europe
Best Restaurants in Europe
Best Hotels in Europe
UK Theatre Guides
London Theatres
Manchester Theatres
Edinburgh Theatres
Liverpool Theatres
Birmingham Theatres

Amsterdam Bars & Restaurants
Barcelona Bars & Restaurants
Berlin Bars & Restaurants
Bratislava Bars & Restaurants
Copenhagen Bars & Restaurants
Gothenburg Bars & Restaurants
Helsinki Bars & Restaurants
Krakow Bars & Restaurants
Lisbon Bars & Restaurants
London Bars & Restaurants
Madrid Bars & Restaurants
Milan Bars & Restaurants
Rome Bars & Restaurants
Vienna Bars & Restaurants
Zurich Bars & Restaurants
~ other cities in Europe ~