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October 6, 2020

Now The Hard Work Starts: Inside The £4.5B Insolvency Of Intu

One hundred and one days ago today, shopping centre REIT Intu collapsed into administration under the weight of more than £4.5B in debt. Since then, one of the most complex insolvencies in real estate history has been underway. And now, the really hard part starts.

Lenders to the company now control Intu’s 22 assets, including eight of the 20 biggest shopping centres in the UK. They have appointed new asset managers to try and revive struggling properties, claw back value and possibly find new buyers, a herculean task in the worst retail market in living memory. High profile and under the microscope, the process will be a bellwether for the entire UK retail market. 

Now The Hard Work Starts: Inside The £4.5B Insolvency Of Intu

What has happened since 26 June, when partners at KPMG were appointed administrators to a company that was once a mainstay in the FTSE 100, but was ultimately unable to persuade its lenders that it could meet its interest payments and come up with a…

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