Coronavirus: Intu receives less than a third of quarterly rent payments

intu Victoria Centre entrance

Intu has removed its full-year financial guidance and warned that it may break banking covenants after receiving just 29% of its quarterly rent payments from tenants.

The retail property firm, which owns shopping outlets include the Trafford Centre in Manchester, said it has received 29% of the outstanding rent for the second quarter of the financial year from its tenants, which was due yesterday.

Intu, which reported a £2bn valuation loss for its last financial year earlier this month, said this time last year it had received 77% of the payments of its quarterly rents.

Intu said it is “in discussions with our customers on the outstanding rents”. Since the government ordered earlier this week that non-essential stores be closed indefinitely to suppress the spread of coronavirus, several retailers have refused to hand over rent payments to landlords.

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