Intu Properties, the embattled shopping centre operator that is struggling to bring its debts under control, was dealt a blow yesterday by analysts who cast doubt over its prospects.
While downgrading Intu from “neutral” to “underweight,” JP Morgan said that the company’s property portfolio would continue to lose value and that there was little chance of it being able to sell its UK assets at book value.
Retail property valuations have come under pressure from struggling retailers falling into administration or engaging in company voluntary arrangements to close stores or cut rents.
