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Intu seeks cash injection

Shopping centre owner Intu is seeking to raise equity as it looks to restructure its balance sheet.

The property giant, which owns Lakeside and the Trafford Centre, said it was ”engaged in constructive discussions” with shareholders and potential new investors on a proposed equity raise.

Intu shed nearly £500m in disposals during last year, including Spain’s largest shopping centre, Intu Puerto Venecia, in December.

Matthew Roberts, Intu chief executive, said: “We have delivered a robust operational performance for 2019 finishing with a busy Christmas trading period. Total footfall in 2019 was 0.3% ahead of 2018, flat in the UK which significantly outperformed the Springboard footfall monitor for shopping centres.

”Occupancy was stable at 95% and to date 97% of rent has been collected for the first quarter of 2020 demonstrating the lower risk of our existing customer base.

“We are making good progress with fixing the balance sheet, our number one priority, and are confident we have the right strategy in place to enable us to prosper as we see continued polarisation between the best destinations and the rest.”

 

 

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