Intu sees rent collection falling by a third

Intu Properties has said rent collection across its sites is likely to drop by more than a third over the course of 2020. In a cash flow projection update, the shopping centre owner said it expects 2020 rent collection to stand at £310m. That figure is 37% lower than the £491.6m collected in 2019 – which itself excludes collections from properties since sold. The company expects its cash at propco level at the start of the second half to be just shy of £82m. This will likely fall to £24m at the end of this year and then finish 2021 at £62.6m. Last month intu said it was seeking a standstill agreement with its lenders until the end of 2021, describing it as the “best course of action” as it deals with the impact of the coronavirus pandemic. At the company’s AGM yesterday, shareholders passed all resolutions, with the most sizeable dissension being an 11.25% vote against the re-election of John Whittaker as deputy chairman. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette