Arndale owner targets equity raising drive

Manchester Arndale

Intu, the owner of the Arndale and Trafford Centre shopping malls, has said it is targeting a equity raise through a share issue.

The company says it will announce the fundraising programme alongside its full-year results in February and that it is “engaged in constructive discussions” with both shareholders and potential new investors on the proposed equity raise.

Matthew Roberts, intu chief executive, said: “We have delivered a robust operational performance for 2019 finishing with a busy Christmas trading period.

“Total footfall in 2019 was 0.3 per cent ahead of 2018, flat in the UK which significantly outperformed the Springboard footfall monitor for shopping centres.

“Occupancy was stable at 95% and to date 97% of rent has been collected for the first quarter of 2020 demonstrating the lower risk of our existing customer base.

“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.”