BREAKING NEWS

BREAKING NEWS

Intu Properties scraps final dividend as retail closures weigh

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(Reuters) - Intu Properties scrapped its full-year dividend as several high profile retail bankruptcies forced the shopping mall operator to diversify its tenants and look at disposing some assets to pay off debt.

"We propose to reduce our debt to assets ratio over time back below 50 per cent by further disposals and part-disposals and retaining the cash generated by our activities rather than distributing it as dividend," said Chairman John Strachan in a statement on Wednesday.

The owner of popular shopping malls such as Manchester's Trafford centre said it expects 2019 like-for-like net rental income, including the impact of House of Fraser, to be down by 1 to 2 percent.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr)

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