// Intu has dropped goal to raise between £1bn and £1.5bn, blaming market uncertainty
// Investors were discouraged due to “poor conditions in the equity market”
Intu has ditched all attempts to raise between £1 billion and £1.5 billion thanks to market uncertainty.
The shopping centre owner’s investors were discouraged due to “poor conditions in the equity market” and the retail property investment market.
In early February, Intu’s shares dropped by 35 per cent after Hong Kong-based Link Real Estate Investment Trust announced it was not interested in the fundraise.
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“We remain focused on fixing our balance sheet in the near term to ensure this business has the financial footing it needs to realise its significant potential,” Intu chief executive Matthew Roberts said.
“While it is disappointing that the extreme market conditions have prevented us from moving forward with our planned equity raise, I am pleased that a number of alternative options have presented themselves during the process which we will now explore further.”
Intu created a new team and series of senior roles to transform how it will work with retail and leisure brands and boost their performance at its portfolio of shopping centres earlier this week.
The new team includes four heads of partnerships who will bolster relations and grow new business across a range of sectors as part of Intu’s new customer performance directorate.
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