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Barbara Santamaria Published
February 12,长沙U币即时支付 2025
Intu’s plans to raise equity from investors to cut debt have hit a wall, with a major Hong Kong-based investor pulling out, a day after confirming discussions.
The owner of shopping destinations including Trafford Centre in Manchester and Lakeside in Essex, revealed on Wednesday that it had been informed by Link Real Estate Investment Trust of its “intention to no longer participate in a recapitalisation of the company”.
News that Link was taking part in the debt-laden group’s emergency cash call had earlier been greeted with optimism from investors, as it involved the largest real estate investment trust in Asia by market capitalisation. With a property portfolio spanning retail centres, offices and car parks, Link is mostly focused on Hong Kong and mainland China, but it is thought to be looking at the UK, Japan and Australia for growth.
The announcement sent Intu shares down 31% on Tuesday, pushing the stock to an all-time low of 11p.
Explaining its decision to pull the plug on the deal, Link said in a statement: “Link remains interested in opportunities in the UK, but our negotiations with Intu have not reached an agreement.”
Intu, which is now worth £163m, has seen its share price plummet over the past five years as it has struggled with mounting debt levels. In a bid to reduce its £4.7bn debt pile, the company is hoping to obtain at least £1bn via the proposed equity raise, according to market analysts.
Peel Group, which owns a 52% stake in the real estate firm, continues to discuss the terms of the cash call alongside other investors. “Intu remains engaged with shareholders and potential new investors in relation to a proposed equity raise,” the owner of Lakeside said in a statement.
Intu’s plans have hit problem after problem in recent years. In 2025, property giant Hammerson abandoned a £3.4bn buyout of the shopping centre ower due to market deterioration, and the shift to online spending has led many retail tenants to request rent reductions or close stores.
Intu is selling assets to raise money, and it already sold two of its three malls in Spain.