Intu on the brink after reporting £2bn valuation loss
Shopping centre giant Intu has reported a £2bn loss for its last financial year and warned it is at risk of going under if it cannot raise more funds.
The owner of shopping centres including the Trafford Centre and Lakeside posted a loss of just over £2bn for the year ending December 31, 2019, and warned its financial statement “indicates a material uncertainty in relation to Intu’s ability to continue as a going concern”.
However, the landlord said it had options, including selling more assets, refinancing its debt and negotiating with lenders.
Intu has been hit hard the spate of retailer administrations and CVAs last year, which have in turn forced the institutional landlord to write down the value of its centre portfolio by £2bn.
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