Intu Properties lost nearly a third of its value on Tuesday after a potential backer refused to take part in an emergency fundraising bid, as one analyst warned that the company was staring into "the abyss". Shares in the shopping centre owner fell over 30pc following the announcement that Hong Kong-based Link Real Estate Investment Trust had withdrawn from a £1bn plan to shore up its finances. The share price fall wiped another £76m off the value of the business, which has slumped 97pc in the past five years as droves of consumers choose to shop online instead of in stores. Tuesday"s admission is a major U-turn from Intu, which just a day earlier had said it was holding constructive talks with shareholders including Link. That announcement on Monday had sent shares up 30pc....
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