A South African-listed property company has breached its banking covenants after the value of its UK shopping centres plunged £78.6m.
The value of New Frontier Properties’ three centres – Coopers Square in Burton upon Trent, The Cleveland Centre in Middlesborough and Houndshill Shopping Centre in Blackpool – fell by about 30% to £187m in the year to the end of August, according to the company’s annual results. New Frontier acquired the properties in two separate deals for a combined £284m in 2015.
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