Intu forecasts 181.6 million pound drop in rent collections

UK shopping centre giant Intu has said it expects to collect 310 million pounds worth of rent in 2020, 181.6 million pounds less than the 491.6 million pounds it collected for 2019.

The company, which operates Manchester’s Trafford Centre and Lakeside in Essex, has been hit hard by the Covid-19 pandemic and the resulting lockdown.

In March, the company warned it might collapse after reporting a loss of 2 billion pounds.

For the year ended December 31, the firm’s revenues dropped by 38.8 percent to 542.3 million pounds compared to 581.1 pounds the year before.

Its estimated portfolio value dropped by 22 percent to 6.6 billion pounds.

The company cited a higher level of administrations and CVAs across the retail industry, exacerbated by continued weak consumer confidence.

Photo credit: Intu Lakeside