Intu Properties, a British REIT, largely focused on shopping center management and development, has revealed a £2 billion (€2.3 billion/$2.5 billion) annual loss. The REIT warns it could collapse if it is unable to raise further funds.
The annual loss increased from £1.17 billion (€1.32 billion/$1.5 billion) the year before.
Assets the REIT owns that are reporting losses include Intu Watford, Trafford Centre in Manchester and Lakeside in Essex.
Matthew Roberts, Intu CEO, was hired in April 2019 and introduced his five-year strategy. He released the following statement, “In the year, we made a loss of £2 billion [€2.3 billion/$2.5 billion], predominantly due to a property value deficit of 23 percent, which is now 33 percent down from the peak in December 2017. This results in our debt to assets ratio increasing to 65 percent (adjusted for the Spanish disposals), highlighting the importance of fixing the balance sheet in our strategy. Although we were u
