Intu on the verge of collapse as losses double
Full-year results provide no respite as mall owner struggles to service a £5bn debt pile
UK mall owner Intu Properties’ losses almost doubled to £2bn (R53.8bn) in 2019, as it struggled to collect rent from tenants whose customers have been taken away by online retailers. The Brexit uncertainty has also led to hefty writedowns of its assets.
The company, which released financial results for the year to December on Thursday, is on the brink of collapse, having failed in 2020 to raise emergency funds for its day-to-day operations...