Struggling Intu confirms it is in talks with new investors
The mall owner is battling as it faces a crippling debt burden and depressed UK retail conditions
Intu Properties, which was formed out of the late billionaire Donald Gordon’s Liberty International 10 years ago, could get some relief thanks to a potential investment from Hong Kong-listed property group Link. The Reit is in talks with the British mall owner about injecting rescue capital.
Intu confirmed the talks with Link on Monday, sending its share soaring 24.03% to close at R3.20, its best performance since October last year. The company, which owns 17 malls in the UK and one in Spain and counts the Public Investment Corporation and Coronation among its shareholders, is battling for survival because of a hefty debt burden and a weak retail environment.