(Alliance News) - intu Properties PLC on Monday confirmed press reports that it is considering an equity raise at the end of February.
The possible share offer is part of the London and Johannesburg-listed shopping centre owner's strategy to fix its balance sheet. Intu said it is currently in discussions with shareholders and potential new investors for the fundraise.
The Sunday Times reported that Intu was looking to raise around GBP1 billion in cash through an equity raise.
Intu on Monday highlighted the most recent steps taken to reduce its debt, including the sale of the Puerto Venecia shopping centre in Zaragoza, Spain for EUR475 million.
"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," said Chief Executive Matthew Roberts.
"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," Roberts added.
Shares in London-based intu Properties were up 2.9% lower at 22.21 pence on Monday in London, while its Johannesburg shares were 7.8% lower at ZAR3.93.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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