Stock exchange announcement:
Outside the challenges caused by tenant CVAs and administrations, intu delivered a robust operational performance in 2019
Apart from the way all our tenants keep going bust and not paying us we’re doing just great!
Stock exchange announcement:
Outside the challenges caused by tenant CVAs and administrations, intu delivered a robust operational performance in 2019
Apart from the way all our tenants keep going bust and not paying us we’re doing just great!
Yes, it must be easier to get tenants, and charge high rents, if you don’t check first whether they can actually pay.
On the Intu website, yesterday’s press release is entitled: intu to launch UK’s first dedicated store for online brands
This physical store for digital brands will open in June.
I visited a shopping centre just outside Shanghai in 2017 which had an entire section for online brands. This centre had been open for 18 months or so.
No wonder Intu is failing if it is five years behind China in dealing with online/offline.
Two years ago, property and shopping centre giant Hammerson proposed a £3.4billion all-share offer for Intu, owner of the Trafford Centre. The bid fell apart amid investor resistance and, after another stock market beating, Intu is now worth just £85million….Intu is sitting on a debt mountain of £4.5billion…The shares now stand at a 95 per cent discount to net asset value, and the company is frozen out of capital markets with the auditors expressing ‘material concern’
I see vultures circling above
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