Hong Kong-listed Link REIT has pulled out of talks to participate in intu’s £1bn cash call.

Intu’s share price fell by 23% to 12.6p on the news, the lowest share price on record for the struggling shopping centre owner.

A spokesperson for Link REIT said: “Link remains interested in opportunities in the UK, but our negotiations with intu have not reached an agreement.”

Yesterday, intu confirmed reports that a number of investors including Link were in discussions to invest in the group’s upcoming equity raise. The only other named potential supporter was Peel Group, which owns a 27.3% stake in intu.

The equity raise will be launched alongside intu’s full-year results at the end of this month.

The Sunday Times reported intu chief executive Matthew Roberts hopes the fundraising will help pay down a significant chunk of the group’s £4.7bn debt, and lead to the City re-rating intu’s shares, which have fallen 97% to just 13p in recent years.