Owner of Trafford and Lakeside shopping centres axes dividend as it outlines recovery plan
Shares in Intu Properties, the shopping centre company that owns the Trafford Centre in Manchester and Birmingham’s Merry Hill, have crashed to a record low after it said it might need to raise fresh cash to reduce a £4.7bn debt mountain.
The 30% fall in the share price on Wednesday wiped more than £200m off the company’s market value. It came after Intu reported widening losses, scrapped its dividend and warned that rent from shops would fall for the rest of this year and next.