|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||0.0584 - 0.0584|
|52 Week Range||0.0584 - 0.0742|
|Beta (5Y Monthly)||1.36|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Manchester's Trafford Centre taken over by lenders after sale failsCanadian pension fund takes control following collapse into administration of Intu Properties
CSI, an investment firm backed by the Kuwait Investment Office, paid 186.3 million pounds last year for a 50% stake in the shopping centre, located on the East Midlands. The centre, which is among 17 in the Intu portfolio with over 200 retailers including Next <NXT.L>, Zara, H&M <HMb.ST> M&S <MKS.L> and Hugo Boss, will be led by real estate advisory firm Savills <SVS.L> and former Capital & Regional <CAL.L> executive Ken Ford. The coronvirus crisis left retailers struggling to pay rents, hitting the last nail in the coffin for Intu, which was already struggling with a heavy debt, as many High Street retailers including Debenhams and House of Frasers went under.
KPMG, which was appointed as administrator in June after the owner of Manchester's Trafford Center and Lakeside in Essex failed to reach a deal with its lenders, said they have realised cash at bank of 151 million pounds in the period covered by its proposals. Exit strategies to end Intu's administration included placing the company into creditors' voluntary liquidation, applying to the court for control to be returned to the company's directors and formulating a proposal for a company voluntary arrangement, among others.