// Intu SGS secures £30m of new investment and waivers on financial covenants
// Intu SGS is the holding company for four Intu centres
The holding company for four Intu centres, Intu SGS has secured £30 million of new investment and waivers on financial covenants, after Intu collapsed into administration earlier this year.
Intu SGS is the holding company for Intu Watford, Lakeside, Victoria Centre in Nottingham and Braehead in Glasgow.
Creditors have approved of a new super-senior facility of up to £30 million as well as previously withheld cash to bolster the group’s liquidity.
Although Intu continues to manage the centres, Intu SGS is seeking to take full control of its four assets with a full migration expected later this year.
“The positive vote today underlines the significant support we have from our creditors,” Intu SGS said.
“The proposals that we have agreed today provide us with the stable financial platform to move forward as we continue to recover from the impact of Covid-19.
“Creditors have also agreed to inject up to £30 million of new money if required, in a further statement of support.”
The four centres are currently at 92 per cent occupancy with 90 per cent of units now trading since the temporary closures during lockdown.
The property company has appointed Global Mutual to be asset manager of the four centres and Savills as property manager.
Intu collapsed into administration at the end of June but administrators were not appointed to any of its property subsidiaries, including Intu SGS.