Intu to issue extra bonds secured against Trafford Centre
INTU Properties is raising £110m by issuing additional bonds secured against the Trafford Centre.
In a statement it said the proceeds will be used to provide funds for its pipeline of management projects and major extensions.
Intu, formerly Capital Shopping Centres, also owns half of the Arndale in Manchester and 14 other retail centres. Manchester’s Peel Group holds around 20% of the business.
The bonds, which will rank alongside existing notes, will have an average maturity of nine years.
They will form part of a commercial mortgaged-backed securities (CMBS) transaction established in 2000. According to Intu the Trafford Centre assets were valued at £1.82bn in December.
Credit Suisse and Lloyds Bank will be acting as joint bookrunners and the new bonds are expected to be listed on the London Stock Exchange.
