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Intu offloads Northern Irish retail park

Property company Intu has announced the sale of Sprucefield Retail Park in Northern Ireland for £40m.

The 231,000 sq ft retail park near Lisburn has been sold to real estate investment trust NewRiver as part of Intu’s continuing efforts to revive its fortunes.

Matthew Roberts, chief executive of Intu, said the sale formed part of the group’s wider strategy to dispose of certain assets: “We announced our new strategy at the interim results in July. A key element of this is fixing the balance sheet, which includes creating liquidity through disposals. This transaction, which along with the part-disposal of Intu Derby and other sundry asset sales in 2019, brings the year-to-date disposals total to £268m.”

Earlier this month Intu released a profit warning, and said it expected full-year like-for-like net rental income for the three months to 30 September to be down 9% year on year. It blamed the drop on company voluntary arrangements at Arcadia Group and Monsoon for “more than half” of the reduction.

Intu submitted plans for a £50m refurbishment and extension of the retail park in April last year.

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