Intu Properties has warned it risks going into administration if it is unable to raise further funds.

The shopping centre owner reported a loss of £2 billion for 2019, up from £1.17 billion the year before.

A spate of retailer administrations and restructurings forced the company to write down the value of its properties, with the estimated value of its portfolio dropping 22 per cent to £6.6 billion.

The business, which owns the Trafford Centre in Manchester and Lakeside in Essex, warned of a material uncertainty in relation to its ability to continue as a going concern. However, the statement explained that it still has options, including selling off more assets, refinancing its £4.5 billion debt and negotiating with lenders.

In a statement to the stock exchange, Intu said: “We have options including alternative capital structures and further disposals to provide liquidity, and will seek to negotiate covenant waivers where appropriate.

“These would address potential covenant remedies and the upcoming refinancing activities, with the first material debt maturities in early 2021.”

Intu abandoned a potential investment lifeline last week, as “extreme” market conditions left it unable to raise its minimum target of £1.3 billion.

Intu said it expects its net rental income to fall further this year on a like-for-like basis, but by a lower amount than in 2019. It is closely monitoring the impact of the coronavirus on its centres, but said the number of visitors was broadly unchanged in the first 10 weeks of 2020.

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