Intu Prepares to Sell Assets Worth €1 billion in the United Kingdom

23 March 2020 – Brainsre.news

The firm has put on the market the Merry Mill shopping centre worth £588 million; the Intu Milton Keynes and 50% of the St. David’s complex in Cardiff.

The British company Intu Properties, which owns numerous shopping centres, is preparing to sell part of its portfolio in the United Kingdom worth GBP 1,000 million (€1,080 million), to obtain liquidity and avoid collapse.

The firm has put on the market the Merry Hill shopping centre, its largest asset, located in Birmingham and valued at GBP 588 million (€637.5 million). Also up for sale is the Intu Milton Keynes, valued at GBP 212.5 million (€233.6 million) and 50% of the St. David’s complex in Cardiff, for GBP 230 million (€249.3 million), according to Hi Retail.

Intu has a debt-to-asset ratio of 68% and its top priority right now is to “balance the company’s finances,” said CEO, Matthew Roberts, last week.

The company announced last Friday that it could go bankrupt if it fails to raise new capital after announcing losses of GBP 2,000 million (€2,304 million) in 2019, up by 72% compared to 2018.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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