Retail failures weigh on Intu

Kasmira Jefford
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INTU saw its shares slip yesterday after the shopping centre owner blamed retail administrations for a 2.9 per cent fall in like-for-like rental income in the first half of the year.

The company said earnings had been hit by failures in the last 18 months of tenants, representing annual rent of £35m – or £13m in the year to date. Its adjusted net asset value per share fell to 377p in June from 392p in December due to costs relating to its financial restructuring and an equity placing.