Intu proposes £350m bond

TRAFFORD Centre owner Intu is proposing a £350m bond which will be used to repay debt from the acquisition of shopping centres in Derby and Norwich.

Last week the group refinanced £375m of bank debt with a £600m revolving credit facility through a syndicate of banks.

The group, which also owns a string of other centres including a share in the Arndale Centre, also said it had seen improved retailer demand in the third quarter.

It signed 71 long term leases during the period with a rent roll of £13m. Footfall is up 1% over the year while overall occupancy slipped marginally to 95%.

Chief executive David Fischel said: “We are pleased to see continued improvement in retailer demand for space, particularly evident in centres where we are undertaking investment and development projects. The benefits of last year’s rebranding as intu have been enhanced by further customer service and digital initiatives in the period.

“The balance sheet is in good shape strengthened by recent financing transactions and we have a wide range of organic growth opportunities with strong momentum in our £1.2bn development pipeline.”

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