Hong Kong property giant set to join £1bn fundraising by shopping centres owner Intu

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Hong Kong property giant set to join £1bn fundraising by shopping centres owner Intu

By Daily Mail City & Finance Reporter

Published: | Updated:

A Hong Kong property giant is set to join a £1 billion fundraising by shopping centres owner Intu.

Link Real Estate Investment Trust will join the cash call alongside property tycoon John Whittaker’s Peel Group, which is Intu’s biggest shareholder.

Raising funds: Intu owns Manchester’s Trafford Centre (pictured) and Lakeside in Essex

Intu, which owns Manchester’s Trafford Centre and Lakeside in Essex, wants to kick off the huge rights issue alongside its annual results at the end of this month or soon after.

The company is being weighed down by a £4.7 billion debt pile and its shares have plunged by nearly 90 per cent in the past year.

Landlords have been hammered by a wave of insolvencies as tenants grapple with growing online sales and high business rates.

Intu declined to comment.

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