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Intu abandons plan to raise 1 billion pounds of new equity

By Huw Hughes

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Report

British shopping centre operator Intu has dropped plans to raise between 1 billion and 1.5 billion pounds in equity to fix its balance sheets following continued market uncertainty.

In a trading update on Wednesday the company said: “While a number of Intu’s shareholders and potential new investors indicated their support for an equity raise, the board believes the current uncertainty in the equity markets and retail property investment markets precluded a number of potential investors from committing capital into the business and Intu was therefore unable to reach the target quantum at the current time.”

The company, which operates Manchester’s Trafford Centre and Lakeside in Essex, added that it “received several expressions of interest to explore alternative capital structures and asset disposals” and that it will continue to keep under review the feasibility of an equity raise.

Photo credit: Intu Lakeside

Intu