The CPPIB is confident there will be enough investor appetite to allow it to recover the £250m it lent against the Trafford Centre, which is valued at £1.7bn on Intu’s books. In addition to the CPPIB debt, £690m worth of mortgage-backed securities is secured against the centre.
Adding the two debts together – I have no idea which is senior – that’s £950 million. Is that formerly £1.7 billion asset now worth £950 million in a fire sale?
I would be very much less than certain of that……