The owner of Manchester’s Trafford Centre and the Lakeside shopping centre in Essex has seen shares plummet after an investor pulled out of talks over an emergency cash call (PA)The owner of Manchester’s Trafford Centre and the Lakeside shopping centre in Essex has seen shares plummet after an investor pulled out of talks over an emergency cash call. Shares in debt-laden Intu Properties plunged by nearly a third after it said Hong Kong-based retail property investor Link Real Estate Investment Trust had pulled out, just a day after confirming discussions between the pair. Intu said it “remains engaged” with shareholders and potential new investors over a possible equity raise, reportedly worth at least £1 billion. Link’s withdrawal comes as a huge blow to Intu, given that the firm was understood to be in talks to become the “cornerstone” investor in the fundraising round, working alongside John Whittaker’s Peel Group, which already owns 27.3% of Intu. Intu owns the Lakeside shopping centre in Essex (PA)Shares had climbed nearly 30% on Monday on hopes of a deal with Link.

Source: Irish Independent February 11, 2020 12:33 UTC