Manchester Arndale owner could be taken private

Manchester Arndale

The owner of the Manchester Arndale could be taken private, according to reports.

The Sunday Times says that intu could be sold to private equity firm Orion Capital Managers.

Orion which currently owns 9% of intu, is reportedly trying to form a consortium to buy the struggling mall operator, which posted a six-monthly loss of over £850m in July.

intu was the subject of two failed takeover bids last year and is currently weighed down by a £4.7bn debt pile.

In July, intu said as looking at diversification and had identified around 6,000 residential units across eight sites, seven potential hotel suites for around 800 rooms and eight office opportunities.

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