Intu plans to vote against Arcadia's revised restructuring plans

Shopping centre operator Intu plans to hold its ground and continue to vote against Arcadia's revised restructuring plans at a rescheduled meeting of creditors tomorrow.

Both Property Week and Sky News have reported that the owner of destinations such as Lakeside and Manchester Trafford Centre will not back the plans, despite Arcadia owner Sir Philip Green pledging a further £10m in cash per year to partially offset proposed rent reductions.

There are around 35 Arcadia stores in Intu properties and most of these are Topshop, which the property group believes would survive an administration and attract interest from  buyers should the company collapse.

Intu is Arcadia's largest landlord and controls around 15% of the creditors' vote. To secure backing for its six separate CVA plans, which include the closure of 23 stores and rent reductions almost 200 further stores, Arcadia needs to secure the backing of 75% of its creditors by value.

Last week Arcadia pulled a vote on its plans at the last minute when it became clear the deal would not pass as Intu, M&G and Aviva all planned to vote against. Sir Philip Green attempted to sweeten the deal with more cash in the hope of convincing the landlords to concede.

Landsec, British Land and Hammerson are all believed to be planning to vote in favour of the deal, while the positions of M&G, Aviva and Aberdeen Standard Investments are not yet known.