Intu SGS Finance plans to issue an £350 million ($559M) worth of commercial mortgage backed securities from its financing program, according to a Standard & Poor’s presale.
The series 3 notes are the third issuance from the funding platform that Intu Properties PLC (Intu) established in 2013. To daet, the platform has issued £800 million via the series 1 and series 2 interest-only rated notes.
Intu can issue up to £5 billion under its program. The latest transaction will consist of a single series of A’ rated notes.
Intu owns some of the U.K.’s leading shopping centers. The latest transaction will be backed by the Derby and Chapelfield shopping centers — both are located in the U.K. and have a combined market value of £679 million. The issuance will increase the series’ loan-to-value ratio to 47.70% from 46.70%.
Llyods Bank and UBS have been mandated to lead manage the deal, according to the presale report.
