Intu Properties to raise 500 mln pounds in rights issue

Thu Mar 20, 2014 8:21am EDT

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LONDON, March 20 (Reuters) - UK shopping centre owner Intu Properties on Thursday said it aimed to raise 500 million pounds ($831.4 million) through a rights issue to help fund the acquisition of two shopping centres and a retail park.

Intu is issuing two new shares for every seven existing shares, at 180 pence each. That represents a discount of 42.5 percent to the closing price of 313.2 pence on March 19.

The company is buying the retail centres from Westfield . One of the shopping centres, Merry Hill, is part-owned by Australian asset manager QIC, which has a 50 percent stake.

Merrill Lynch International, UBS and HSBC are acting as joint bookrunners. Intu did not name the underwriter.

($1 = 0.6014 British Pounds) (Reporting By Freya Berry; Editing by Erica Billingham)