Portfolio valuation down 22.3 per cent since last year
intu Properties plc has announced losses for the year rose to £1.98bn as the value of the shopping centres was down.
The former FTSE 100 and FTSE 250 group revalued its property portfolio down by £1.98bn, with a like-for-like reduction of 22.3 per cent year-on-year and 33 per cent from its peak in December 2017.
The market value of Intu’s investment and development property was calculated to be £6.6bn at the year-end, down from £9.2bn over the 12 months, while net debt stood at £4.5bn.
Chief executive Matthew Roberts, said: “Although we were unable to proceed with an equity raise, we have a range of options including alternative capital structures and asset disposals. The store is not dying, it is evolving.
“The right stores in the right locations will always play a vital role for retailers but, with all the recent commentary around the death of the store, you could believe that no one will be going shopping in the future.
“As the role of the store changes, then the relationship with our retail customers will change too. Data and insight are becoming increasingly important and it is key that we and our customers join forces and share data to ensure we both benefit and potentially share the risk and reward.”