Intu Properties PLC confirmed that it plans to hold an equity raise alongside its full-year 2019 results at the end of February.

The Sunday Times had reported that the shopping center company was considering raising about £1 billion to support its precarious financial situation. Intu's balance sheet is laden with £4.7 billion of debt and the company had indicated in November 2019 that fixing its balance sheet was its top priority.

The company's share price has declined as tenants Arcadia and Debenhams closed their shops and cut their rents due to insolvencies. Both retailers occupied major spaces in Intu's buildings.

In December 2019, Intu sold one of its Spanish shopping centers as its debt-to-asset ratio increased.

Peel Group's John Whittaker supports the fundraising plan, The Sunday Times reported. Peel Group owns a 27.3% stake in Intu. Intu CEO Matthew Roberts has been in discussions with other shareholders including South African fund manager Coronation and European private equity firm Orion, hoping to get their backing, the publication added.