What Happened to Intu Properties plc?

Intu Properties plc, a prominent British real estate investment trust (REIT) focused on shopping centre management and development, faced a prolonged period of financial distress culminating in its administration on June 26, 2020. The company, which had been rebranded as Intu in 2013, owned or part-owned 17 shopping centres in the UK and one in Spain. [3]

The collapse was primarily driven by a confluence of factors. Intu had accumulated substantial debt, estimated between £4.5 billion and £5 billion. [1, 2, 10, 13] The broader UK retail sector had been experiencing a significant downturn for several years, with declining footfall, store closures, and increased competition from online retailers like Amazon. This led to a substantial fall in the value of Intu's retail portfolio, which dropped by 22 percent to £6.6 billion in 2019, and the company reported a loss of £2 billion that year. [1, 3, 13]

Key turning points included failed attempts to shore up its finances. In December 2017, rival Hammerson made a £3.4 billion takeover approach, which was later withdrawn in April 2018 due to concerns about the deteriorating retail sector. [1, 3] Another £2.8 billion takeover bid by Peel Group, Olayan Group, and Brookfield Property also fell through in November 2018 after due diligence. [3] In March 2020, Intu abandoned a critical £1.3 billion emergency cash call, as investors were unwilling to support it amidst 'extreme' market conditions. [3, 23]

The onset of the COVID-19 pandemic in early 2020 delivered the final blow. Lockdown measures forced the closure of non-essential retail, severely impacting rent collection. Intu warned in March 2020 that it would likely breach its debt covenants and, by June, was unable to persuade its lenders to agree to a 'standstill' on debt repayments. [2, 3, 6, 11] As a result, KPMG was appointed as joint administrators for Intu Properties plc and several central entities of the group on June 26, 2020, and its shares were suspended from trading on the London and Johannesburg stock exchanges. [1, 6, 9]

The consequences for shareholders were severe, with the company's market value plummeting from a high of £4.9 billion in early 2015 to just £25 million (1.8p per share) before its shares were suspended. [1, 13] While the parent company entered administration, the individual shopping centres, owned by separate special purpose vehicles, continued to trade. [1, 2] Over the following months, these properties were transferred to new ownership and management. For example, Intu SGS, a subsidiary, took control of Intu Watford, Braehead, Victoria Centre, and Lakeside, while other centres like Intu Derby (rebranded as 'Derbion' in January 2021), Merry Hill, and Milton Keynes were transferred to new owners. [3, 26] An administrators' report in February 2023 estimated that unsecured creditors would receive approximately 9.1p in the pound. [7]

As of May 21, 2026, Intu Properties plc remains in administration, with administrators continuing the process of winding down the central entities. David Pike, one of the joint administrators, resigned on August 29, 2025. [4] While the corporate entity Intu Properties plc is effectively defunct, the shopping centres it once owned continue to operate under new names and management, having been absorbed into other property portfolios. The significant majority of other companies in the Intu group are not in any form of insolvency procedure and continue to trade. [4]