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The owner of the Intu shopping center reported a £ 1.4 billion decline in the value of its properties in 2018, a year marked by two unsuccessful offers for the company and a sharp drop in share prices.
In the annual results released on Wednesday, Intu said the value of its portfolio had fallen 13.3% to £ 9.2bn during the year, in a difficult context for retail.
The decline in property values resulted in a loss of £ 1.2 billion, compared to a profit of £ 203 million a year earlier.
The company will not pay a final dividend as it struggles to reduce its borrowings, as falling property values pushed the debt-to-badet ratio to 53.1% by the end of December.
This will bring the total dividend paid in 2018 to 4.6p, down from 14p a year earlier.
"In a difficult year for the entire UK retail real estate sector and with very limited comparable transactional evidence, property valuation has declined as sentiment has weakened," he said. David Fischel, General Manager.
"Although the sentiment in the retail sector is at its lowest, the reality is that about 400 million customers visit our centers each year and that the occupancy rate is 97%", he added.
The company, which owns Manchester's Trafford Center, said its shares are trading at an "unprecedented" 64% discount to the net worth of its badets by the end of 2018, in a climate of sluggish growth. Investors.
However, the net rental income of its stores, with a comparable area, increased by 0.6%, while occupancy slightly decreased to 96.7%.
In 2018, the group was the subject of bids from its rival Hammerson and its largest shareholder, Peel Group, jointly with the Canadian group Brookfield, but both offerings were eventually dropped .
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