Intu drafts in PwC advisers
Intu properties has appointed PwC advisers to help the restructuring of its balance sheet.
According to Sky News, the shopping centre has hired PricewaterhouseCoopers (PwC) to work alongside its existing City advisers.
It is understood the appointment has taken place in the last few days ahead of the festive period.
The investment trust, which owns Manchester’s Trafford Centre, Gateshead’s Metrocentre and Essex’s Lakeside, has reported sales have decreased by over 80% in the last year.
A spokesperson for Intu said told Retail Sector: “We recently appointed PwC to provide additional resource to our Finance and Treasury team to assist with the financial modelling and scenario planning around our balance sheet strategy.
“As previously disclosed, fixing the balance the sheet is our strategic priority and we are currently working on a number of current or potential actions that will enable to us to make material progress in this regard over the next few months.
They added:“As our former auditor with in-depth knowledge of the business, we felt PwC was ideally placed to support us through a period of significant workload.”
Intu also reported that rental income in 2019 is set to decrease by 9%, with Intu attributing the fall in income in part to of the CVA’s from Monsoon and Arcadia.
Intu said rent was also expected to decrease at a slower rate in 2020, compared to 2019.
