Key Takeaways
- • Akin advised the ad hoc committee of noteholders on the sale of the Metrocentre, Europe's largest covered shopping and leisure center, to a subsidiary of Land Securities Group plc, with the sale completing on October 29 for net consideration of approximately £516 million.
- • The transaction triggered a partial prepayment of the notes of approximately £430 million, a cash redemption of 88.8% of the notes' original principal balance.
- • Akin has advised the noteholder ad hoc committee since the intu group entered administration in 2020, making the sale the culmination of more than six years of work alongside financial adviser EY.
- • The Akin deal team was led by financial restructuring partner Emma Simmonds, corporate finance partner Kevin Gilroy and corporate partner Simon Rootsey.
Summary
Akin advised the ad hoc committee of holders of notes secured against the Metrocentre, Europe's largest covered shopping and leisure center, on its sale to a subsidiary of Land Securities Group plc. According to the publisher's summary, the sale completed on October 29, 2026, for net consideration of approximately £516 million.
The proceeds resulted in a partial prepayment of the secured notes of approximately £430 million, representing a cash redemption of 88.8% based on the original principal balance of the notes. The outcome delivers a substantial recovery to noteholders on a secured position that has been under restructuring for several years.
Akin has advised the noteholder ad hoc committee since the intu group went into administration in 2020, shortly after the onset of the Covid-19 pandemic. The sale represents the culmination of more than six years of work by the ad hoc group, Akin and financial adviser EY.
The Akin team was led by financial restructuring partner Emma Simmonds, corporate finance partner Kevin Gilroy and corporate partner Simon Rootsey, supported by corporate associate Adair Maxted and financial restructuring associate Matthew Roderick.
The proceeds resulted in a partial prepayment of the secured notes of approximately £430 million, representing a cash redemption of 88.8% based on the original principal balance of the notes. The outcome delivers a substantial recovery to noteholders on a secured position that has been under restructuring for several years.
Akin has advised the noteholder ad hoc committee since the intu group went into administration in 2020, shortly after the onset of the Covid-19 pandemic. The sale represents the culmination of more than six years of work by the ad hoc group, Akin and financial adviser EY.
The Akin team was led by financial restructuring partner Emma Simmonds, corporate finance partner Kevin Gilroy and corporate partner Simon Rootsey, supported by corporate associate Adair Maxted and financial restructuring associate Matthew Roderick.
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