Shopping centre investor Intu Properties has announced a £110m CMBS tap issue to fund its development pipeline.
The firm has launched the additional notes under the Trafford Centre Finance securitisation established in 2000, which is secured by the £1.9bn Manchester shopping centre.
The new notes will rank pari passu with the current outstanding notes, have an average maturity of nine years.
The new loan-to-value ratio is around 45%. Intu said that the proceeds would “provide funds for its pipeline of management projects and major extensions”.
Credit Suisse and Lloyds are advising.
Bridget.O’Connell@estatesgazette.com
