Intu voted against rescue plans from Sir Philip Green for his troubled Arcadia Group, Property Week reported after speaking to sources close to the retail landlord.
The plans proposed reducing rents on its 35 intu stores by 40%, revised down from 50%. The firm said it would “take its chances with the administration” rather than accept the revised terms.
With intu representing Arcadia’s biggest landlord, the news left the future of Green’s empire in the balance. Intu Properties entered administration in June 2020, with Arcadia Group following suit that November.
John Lewis Partnership boss Dame Sharon White, who led the group’s first foray into real estate, is to step down after five years in the top job, making her the firm’s shortest-serving chair.
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