British REIT Intu Properties has launched £110 mln (€133 mln) of extra class A, B and D notes to finance its pipeline of active management projects and major extensions.

British REIT Intu Properties has launched £110 mln (€133 mln) of extra class A, B and D notes to finance its pipeline of active management projects and major extensions.

The new notes will be secured against Intu's Trafford Centre near Manchester and be issued under the Trafford Centre CMBS established in 2000.

As of 31 December 2013, the assets secured under the CMBS were valued at £1.8 bn, implying a loan to value of 45% including the new notes.

Credit Suisse and Lloyds Bank will act as joint bookrunners on the proposed bond issuance. The new notes are expected to be listed on the London Stock Exchange.