// Intu seeks £1 billion cash to raise new equity
// The fundraising would accompany its full-year results at the end of February
// Total footfall in 2019 was 0.3% ahead of 2018, but remained flat in the UK
Intu has reportedly confirmed plans to ask investors for £1 billion next month to raise new equity as it seeks to fix its balance sheet.
The shopping centre operator, which owns Manchester’s Trafford Centre and Lakeside in Essex, said the fundraising would accompany its full-year results at the end of next month, The Sunday Times reported.
“We have delivered a robust operational performance for 2019 finishing with a busy Christmas trading period,” Intu chief executive Matthew Roberts said.
Total footfall in 2019 was 0.3 per cent ahead of 2018, but remained flat in the UK.
Roberts added that occupancy was stable at 95 per cent and that 97 per cent of rent has been collected for the first quarter, ”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.”