Intu, the owner of some of the UK’s biggest shopping centres, including St David’s, Cardiff, has warned that its future is in doubt unless it can raise extra cash.
The comment came as Intu warned that shopping centres Manchester’s Trafford Centre and Lakeside reported a £2bn loss in 2019.
This isn’t the first time the firm has been looking for new funding, as an earlier plan to raise £1bn failed. In January, Intu approached existing investors looking for a cash injection.
The news isn’t surprising given the current trend of the high street, with many retail units up and down the country remaining empty.
It is understood that Intu is one of two owners of the St David’s shopping centre in Cardiff, with the other being Land Securities.