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The Retail Apocalypse Is Getting Darker for U.K. Landlords
- Collapse of Intu Properties likely to further hit mall values
- Rent collection continues to plunge as more retailers fail
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The collapse of mall landlord Intu Properties Plc is about to send shockwaves through a sector that’s already reeling.
Nine of the U.K.’s biggest shopping centers could potentially be sold into a market that had already seized up before the virus struck. With the tenants of those properties only paying a fraction of their rent as the pandemic deepens a prolonged retail crisis, the risk they’re sold at knock-down prices threatens to further sink the values of malls nationwide.