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Intu Announces that the Sale of Puerto Venecia will be Delayed due to Covid-19

The British company expects to receive £95m from the sale of the Puerto Venecia shopping centre by the middle of May at the latest.

Intu Puerto Venecia Zaragoza Centro Comercial 1024x685 1
Intu’s Puerto Venecia shopping centre in Zaragoza.

The British company Intu has received only 29% of its rentals for the second quarter of 2020, even though they all were due on 25 March. This is a direct result of the fact that the tenants of its establishments have been affected by the measures to contain the coronavirus and so have withheld their rental payments, according to Property EU.

The company, which owns shopping centres, has seen its share price fall to a record low of 4 pence per share. It explained that “rentals for the second quarter of the year in the UK were due on 25 March and we have only received 29% of the payments. We are in discussions with our clients about the outstanding payments. In the second quarter of 2019, we had received 77% by the same day.”

The group has also revealed another blow as a result of the pandemic. The sale of Puerto Venecia in Zaragoza, one of the two Spanish shopping centres that it has put up for sale to obtain liquidity (along with Intu Asturias), has been delayed; the company has been going through serious financial difficulties for several months now.

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