intu mulls Merry Hill sale
Stricken shopping centre owner intu is reportedly lining up a sale of its Merry Hill mall in Birmingham.
React News says that intu is close to instructing agent CBRE to market Merry Hill – along with its Milton Keynes venue and its 50% stake in St David’s, Cardiff.
Earlier this week, intu revealed a shocking set of 2019 figures, which showed that its losses now stand at just over £2bn, compared to around £1.2bn in 2018. In a statement, Intu said the slump was largely due to the declining value of its assets. In 2018 its net assets amounted to £3.8bn, but this figure has now decreased to £1.9bn.
According to its latest results announcement, the market value of Intu’s investment and development property portfolio has declined from just under £9.2bn to £6.6bn.
