Intu could lose control of key shopping centres

Intu Metrocentre in Gateshead

Bondholders of debt secured against retail property giant Intu are preparing plans that could see them seize the retailer’s key assets as early as June.

Law firm Clifford Chance and investment bank Moelis & Company have been appointed to advise bondholders on the £1.3bn debt pile secured against Intu’s centres including the Victoria Centre in Nottingham and Lakeside in Essex, in a move first reported by property website React News.

The debt against the retail property group’s Braehead centre in Glasgow and Watford centre in Hertfordshire are also included in discussions.

Intu is at risk of breaching covenants on debts held against these assets.

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