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Intu says only 29% of rents due have been paid for second quarter

Sadiyah Ismailjee
26 March 2020

Shopping centre operator, Intu has issued a further update today and said that UK rents for the second quarter was due on March 25 and that only 29% of these have been received, compared to 77% this time last year.

The Lakeside owner further added that all of its centres in the UK and Spain “are operating on a semi-closed basis”. However essential stores, including supermarkets, pharmacies and banks, remain open.

Intu said that “we are in discussions with our customers on the outstanding rents” and highlighted that as of 24 March, the business had available cash and facilities of £184 million at the corporate level.

The shopping operator has been under considerable pressure as recently it feared a potential collapse after the business announced its annual losses nearly doubled to £2 billion in 2019, due to a big decrease in the value of its shopping centres.

Other issues Intu is facing include “the impact of Covid-19 in Europe is delaying certain regulatory approvals in relation to the disposal of Intu Puerto Venecia and we now expect the £95 million proceeds to be received in the middle of May at the earliest."

Yesterday, Intu announced it will lower its service charges for tenants by 22% in the second half of the 2020 financial year, providing an 11% reduction for the full year, due to retailers and businesses facing challenges caused by the Coronavirus outbreak.

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