Bank Fashion failure hits intu

Intu is facing rent liabilities of up to £11.5m after Bank Fashion called in the administrators. The shopping centre owner has been left with the largest liability of all of the Bank’s landlords with a combined unexpired lease term of around 34 years, according to figures compiled by Estates Gazette. It’s largest liability is at the Trafford Centre, Manchester, where Bank trade out of a 5,000 sq ft store. British Land, Land Securities, Hammerson and Norges Bank make up the remainder of Bank’s top five landlords ranked by rent, according to Estates Gazette’s analysis of store details. In total, landlords’ exposure to Bank runs to nearly £63m, with a combined unexpired lease term of 334 years. Around 68 leaseholds are believed to be being handled by administrators with nearly a third in the North West. Deloitte were appointed as administrators at the start of the year with Savills called in last week to advise on the portfolio of stores. Intu chief operating officer Mike Butterworth said: “Bank Fashion has stores at eight intu-owned centres. All are trading presently and we await formal proposals from the administrators.” Click on the interactive graphic below to change the view between rent liability, trading area (sq ft) and unexpired lease length. Hover on the bars to see absolute values. For a complete list of Bank Fashion’s leases click here. nadia.elghamry@estatesgazette.com