Link withdraws from intu’s proposed raise

Hong Kong’s Link REIT has decided not to back shopping centre landlord intu’s £1bn recapitalisation, days after news of the talks first emerged. Intu has said it “remains engaged with shareholders and potential new investors in relation to a proposed equity raise”. A spokesperson for Link said: “Link remains interested in opportunities in the UK, but our negotiations with Intu have not reached an agreement.” At the time of writing intu’s share price dropped by around 12% to 14p, in the wake of the update. See also: Intu pins its hopes on cash call – but will it be enough? The shopping centre landlord had previously confirmed it was in talks with Link, among other shareholders, on supporting its emergency cash call. The Hong Kong company would have been a new “cornerstone” investor in the fundraising later this month. John Whittaker’s Peel Group, which owns 27.3% of intu, is also expected to back the raise, which will be unveiled alongside intu’s full-year results. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette