Intu sells Sprucefield Retail Park for £40m

Intu has confirmed its disposal of Sprucefield Retail Park in Lisburn, Northern Ireland, to NewRiver REIT for £40m. The park has 231,000 sq ft of retail space across five units. Tenants include Sainsbury’s and B&Q. EG revealed in February this year that intu was mulling the sale of its Northern Ireland asset. Intu reduced its loan on Sprucefield in 2018 as its loan-to-value covenants tightened. The loan-to-market-value ratio on the asset was 57% at 31 December. The debt associated with the asset expires in 2020. In September, the shopping centre landlord dropped out of the FTSE 250, at which point its share price was estimated to have plummeted by circa 77% over the year. This month, intu has said that raising equity is “likely to form part of the solution” in fixing its balance sheet.   To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette