Intu Properties raises funds for future projects

Intu Properties has raised funds for future projects via the launch of 110m pounds-worth of additional notes under the Trafford Centre Finance Commercial Mortgaged-backed Securities (Trafford CMBS) transaction. The company said the funds would be used to develop the pipeline of active management projects and major extensions.The new notes, which have an average maturity of nine years, will be secured by the Trafford Centre.At the 2013 year-end, the assets secured under the Trafford CMBS were valued at £1,821m implying a loan to value of around 45% after the issuance of the new notes. NR