(Reuters) - British shopping centre operator Intu Properties is in talks with shareholders and potential new investors to raise funds to shore up its balance sheet after being hit by a spate of high-profile failures in the retail industry. Shares in the owner of Manchester's Trafford Centre fell to a record low on Monday after it said it was seeking new equity capital by the end of February. It did not say how much it was looking to raise but the Sunday Times reported https://www.thetimes.co.uk/past-six-days/2020-01-19/business/property-giant-intu-eyes-1bn-lifeline-in-the-city-2fvcd2qsx this weekend that it could be as much as 1 billion pounds. Against a tough economic backdrop, Intu has borne the brunt of company voluntary agreements - an insolvency procedure used by retailers to restructure leases - from brands including Debenhams, Toys R Us, House of Fraser, New Look and HMV, while other companies are increasingly focusing on online sales in a bid to cut costs. Intu's shares, which lost more than two-thirds of their value last year, sank as much as 10% and some analysts questioned whether the reported sum sought would be enough.

Source: The Times January 20, 2020 08:27 UTC