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intu Properties lost almost €2.300M in 2019
16 March 2020 | Alicia Navarro

British real estate company intu Properties, owner in Spain of intu Xanadu and the Project intu Costa del Sol, lost 2.293 million euro in 2019. This represents an increase of 72.3% in losses when compared to 2018.

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intu Costa del Sol 

Revenues from last year reached 542.3 million pounds, which represent more or less 615 million euro. These numbers represent a 6.7% drop in terms of turnover when compared to the previous year. Revenues from rents and leases reached 450 million euro. The previous year had surpassed 506 million euro.

The company closed the sale of Puerto Venecia and its shopping centre in Asturias during this year’s first quarter for a total of around 600 million euro.

«Our results show our market’s challenges, in particular the ongoing structural changes in retail, with some of the smaller operators fighting to keep being relevant within a multichannel environment. This situation has escalated with the consumers’ continuous weak confidence over the economic and political uncertainty within the United Kingdom», stated the company in a release.

«On the short-term, our main priority is to fix the general balance. We have options which include alternative capital structures and additional provisions to provide us with liquidity and we will negotiate agreements’ exemptions whenever appropriate. These would cover possible solutions and the next refinancing activities, with the initial expiry dates for the material debts arriving at the start of 2021», added the company.