25 FEBRUARY 2014
INTU PROPERTIES PLC
INTU ANNOUNCES ISSUE AND PRICING OF £110M OF NEW NOTES UNDER THE EXISTING INTU
TRAFFORD CENTRE COMMERCIAL MORTGAGE-BACKED SECURITIES TRANSACTION
Intu Properties plc ("Intu") announces the issue of £110m additional class A, B
and D notes ("New Notes") under The Trafford Centre Finance Limited Commercial
Mortgage-backed Securities transaction ("intu Trafford CMBS") established in
2000.
The New Notes, which rank pari passu with the current outstanding class A, B
and D notes ("Existing Notes"), have an average maturity of nine years and are
priced at an average spread of 183 basis points over the relevant reference
gilts representing an all in cost of c. 4.6 per cent.
The New and Existing Notes are secured by intu Trafford Centre, the prime
super-regional shopping centre near Manchester. The ratings of each class of
Existing Notes, all of which are investment grade, remain unchanged and the New
Notes have newly assigned ratings at the same levels.
The aggregate of the New Notes and the Existing Notes have a combined note to
value of c. 45% based on a valuation of the secured assets of £1,821m at 12
February 2014. As at 12 February 2014 the combined intu Trafford Centre and
adjoining property outside the collateral pool was valued at £1,900m (30 June
2013 - £1,850m).
Credit Suisse and Lloyds are mandated to act as joint bookrunners.
The proceeds will be used to provide funds for Intu's pipeline of active
management projects and major extensions.
Matthew Roberts, Finance Director of Intu Properties plc, commented:
"I am very pleased with this successful tap issue secured on intu Trafford
Centre. This is our third bond issue within 12 months and I am encouraged by
the continuing level of support we have received. We have some exciting
development opportunities at Intu and the proceeds will be used to help fund
them."
ENQUIRIES
Intu Properties plc
Matthew Roberts Finance Director +44 (0)20 7960 1353
Kate Bowyer Business Relations Director +44 (0)20 7960 1250
Public relations
UK: Michael Sandler/Wendy Baker, +44 (0)20 7796 4133
Hudson Sandler
SA: Frédéric Cornet, Instinctif +27 (0)11 447 3030
NOTES FOR EDITORS
Intu Properties plc (formerly Capital Shopping Centres Group PLC) is the UK's
market-leading developer, owner and manager of prime regional shopping centres.
Intu owns and operates some of the very best shopping centres, in the strongest
locations right across the UK, including ten of the country's top 25. Every one
of the UK's top 20 retailers is in Intu's shopping centres, alongside some of
the world's most iconic global brands.
With over 17 million sq ft of retail space valued at over £7 billion, Intu's 16
centres attract some 350 million customer visits a year and two thirds of the
UK population live within a 45 minute drive time of one of the centres.
At the forefront of UK shopping centre evolution since the 1970s Intu's focus
is on creating compelling destinations for consumers with added theatre.
In 2013, the company announced the creation of a nationwide consumer facing
shopping centre brand - intu - and the transformation of the Group's digital
proposition including a transactional website, to provide the UK's leading
shopping centre experience on and off-line.
Intu has a UK investment programme of £1 billion over the next ten years on
active management projects and major extensions at most of the centres. Funding
for this programme will include recycling of existing assets as well as the
possible introduction of partners into major assets.
Intu also has interests outside the UK including an effective interest of 9 per
cent in Equity One, a US retail REIT, a 32 per cent interest in Prozone, an
Indian shopping centre developer, and a joint venture in Spain for
pre-development activity on three major sites under option, in Malaga, Valencia
and Vigo. In October 2013 Intu acquired, with a partner, a regional shopping
centre in Northern Spain for €162 million.
Over 80,000 people are employed at Intu centres across the UK and the company
is fully committed to supporting local communities and the wider environment
through meaningful and hands-on initiatives.
For further information see www.intugroup.co.uk
