Intu’s Lakeside mall in Essex, alongside three other popular shopping centers, has recently secured vital funding and management support after a successful vote by creditors to stabilize their financial positions. These shopping centers, including Lakeside, Watford, Nottingham’s Victoria Centre, and Glasgow’s Braehead, are operated by Intu SGS, a subsidiary of the parent company, Intu Properties.
The decision came after Intu Properties faced financial turmoil and entered administration earlier this year, primarily due to mounting debts exacerbated by the impact of the ongoing pandemic. Despite this, the subsidiary companies managing the 17 malls have continued to thrive, attracting new tenants and maintaining operational success. Intu SGS proposed a strategic plan to bondholders and lenders, seeking approvals for waivers and deferrals on covenants and interests to alleviate financial pressures.
The approval of the proposal not only guarantees the smooth operation of the four malls but also unlocks a new facility of up to £30 million, providing essential liquidity to support ongoing operations. Currently, occupancy levels at these shopping centers are at an impressive 92%, with the vast majority of units reopened for business.
Although Intu Properties still holds control of the malls, the transition to new management under SGS is imminent, with Global Mutual set to become the asset manager and Savills as the property manager by the end of the year. This successful vote ensures that these well-known shopping destinations will continue to operate seamlessly, offering a safe and stable environment for retailers and customers alike.
For more information on the latest developments at Intu’s Lakeside mall and other shopping centers, visit their official website here. Additionally, you can stay updated on industry news and trends by visiting the Retail Gazette website here.
