Intu Properties predicts rents collection fall for 2020 as virus crisis impacts shopping centres

Embattled shopping centres owner Intu Properties on Tuesday predicted the amount it collects from rents and service charges will tumble by £181.6 million this year.

The Lakeside landlord, which has a near £4.5 billion debt pile, has been hit by tough High Street conditions, and more recently the coronavirus crisis. Most tenants have had to close shops during the lockdown, impacting their ability to pay rent.

Intu expects rents and service charges collected across its shopping centres to total £310 million in the 12 months to December 31, compared to £491.6 million last year.

But it forecasts its liquidity position will improve in 2021 when more normality has returned to the sector.

Intu, led by Matthew Roberts, shared its forecasts as part of efforts to show lenders the most up to date picture of where the company is.

The firm has asked lenders for standstill-based agreements that would let Intu avoid breaching covenants on loans until December 2021.