UK shopping centres owned by private equity groups including Lone Star and Oaktree have breached the terms of their loans, after retail failures triggered steep falls in property values.
Market players say the breaches will probably trigger a series of asset sales that will crystallise price falls in secondary retail properties.
Two shopping centres owned by the Florida-based private equity group HIG Capital are among the latest to exceed agreed ceilings on loan-to-value ratios thanks to the falling values of the properties, according to people briefed on the assets.
