Intu lines up shopping centres for sale

Embattled shopping centres owner Intu on Friday lined up the first three properties it will try to sell as it seeks to pay down its £4.5 billion debt mountain.

The company, which yesterday warned there is “material uncertainty” over its ability to continue as a going concern, is looking at potential disposals of its Merry Hill centre in Birmingham, Intu Milton Keynes and its 50% stake in St David’s, Cardiff.

They have a combined value of just over £1 billion for Intu, but have £785.9 million of debt held against them. If sold at book value that would provide £214.4 million of equity.

As at this morning Intu declined to comment. It was understood to be close to appointing agent CBRE to market the buildings, according to property website React News, which first reported the news this morning.

Rhodri Davies, head of UK retail at CBRE said: “I can confirm that we are working closely with Intu on these three assets.”