David Hargrave. Credit: intu
Ticker

intu announced the appointment of David Hargrave as Chief Restructuring Officer

David Hargrave has 20 years of experience as a partner in the restructuring practices of both PwC and EY, specialising in business turnarounds across many sectors. He has also been appointed to the Board as a non-executive director.

Revolving credit facility and swap update 

intu also provides an update on the negotiations with its revolving credit facility (‘RCF’ or the ‘facility’) lenders in relation to obtaining a waiver of certain provisions of the facility.

On 26 March 2020, intu gave an update on the ongoing COVID-19 situation, and related reduction in rent collection, and noted this may require it to seek covenant waivers.

intu can now confirm it has agreed waivers for certain potential breaches which could have arisen, including in particular under its RCF. The RCF waiver is until 26 June 2020 and is subject to certain compliance conditions.

intu has also reached agreement with the counterparty in respect of certain interest rate swaps entered into by a subsidiary of the Company which had a mandatory break at the end of April. The effect of the agreement is for the amounts due on the close out of the swaps to be left outstanding to be repaid on 26 June 2020 or such later date as may be agreed.

intu believes that these actions are another step forward that will allow it to extend its engagement to key stakeholders of the group at the asset level as it explores all options, including potentially seeking standstills to overcome the current market dislocations. This forms part of its ultimate strategic objective to fix the balance sheet over the medium term. intu will make further announcements as appropriate.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

PingProperties has sold the Eudokiaplein shopping and health centre in Rotterdam

The Eudokiaplein shopping and health centre situated in Rotterdam-Noord, consisting of an office complex and a shopping centre, has been sold by PingProperties, on behalf of one of the companies under management, to the Pension Fund for the Metals and Electrical Engineering Sector (PME).

Icon Outlet celebrates a record-setting August

Icon Outlet has revealed it experienced a record-setting August across three key metrics compared to the same month in 2019. Sales increased by 24%, average transaction value grew by 11%, and footfall rose by 10% versus the same benchmarks in August 2019.

Citycon resolved on the long-term incentive plan for the new CFO

The Board of Directors of Citycon Oyj has approved a new Restricted Share Plan 2021—2024 for the Citycon´s incoming CFO, Bret McLeod who will commence his appointment as CFO on 1 January 2022.

Tommy Hilfiger to triple footprint in London Designer Outlet

London Designer Outlet has welcomed a number of new brands since the start of the pandemic

Westfield Centro continues strengthening its leisure and entertainment offering

In November 2021, the Dutch arcade game operator Gamestate will open its first branch in Germany in Westfield Centro on an area of over 700 square meters. Over 45 arcade stations will then enable visitors to prove their skills at the latest virtual arcade products or popular gaming classics. Gamestate is another highlight in the center's leisure and entertainment segment and once again demonstrates the international appeal of the location.

Edutainment Concept and Strategies at FİBA Commercial Properties

FİBA Commercial Properties continues to follow up the trends in all their global investments in China, Romania, Moldova and Turkey in terms of sustainable future projects.