Shopping centre owner Intu said it would engage in talks with its creditors to waive debt covenants after receiving just 29% of its second-quarter rent from its customers as the UK went into lockdown. 'Rent for the second quarter of the year in the UK was due on 25 March (the quarter day) and we have received 29% of this,' the company said. 'We are in discussions with our customers on the outstanding rents. For the same period last year, we had received 77% on the quarter day,' it added. The company also said it was in an ongoing dialogue with the UK Government and may look to access their £330bn support package at a time when the lockdown measures in the country to contain the virus are expected to hurt footfall, forcing the company to seek easier lending terms from its creditors. 'The reduced social activity is likely to continue for the foreseeable future impacting our footfall and potential future rents. The impact of the reduced rents received is expected to require us to seek covenant waivers and we are in constructive discussions with the relevant lenders,' it added.
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