Intu Properties has launched a £350m tap issue to refinance two shopping centres, adding to its £1.2bn secured group structure bond programme.
The UK’s largest shopping centre owner plans to refinance intu Derby (pictured) and intu Chapelfield with the 16-year, 4.3% bond.
For Derby this will replace a £202.5m two-and-a-half year loan provided by Lloyds Bank and UBS for its purchase from Westfield in March for £387.5m.
At Chapelfield it will refinance a £204.9m Barclays loan set to mature in April 2016.
