The co-owner of The Mall shopping centre has been forced to scrap plans to raise £1.5billion to help pay off its debts.
Property giant Intu, which co-owns the Cribbs Causeway centre along with M&G Real Estate and JT Baylis, said uncertainty in the retail property investment market had put investors off.
It is a major blow for Intu boss Matthew Roberts who was hoping the money could help cut the company's £5billion debt.
However, Mr Roberts says "a number of alternative options" have been presented during the process and the company will explore these further.
Shares plunged more than 20 per cent on the news to just 6.61p.
Mr Roberts says the company now remains "focused" on fixing its balance sheet.
He said: "While it is disappointing that the extreme market conditions have prevented us from moving forward with our planned equity raise, I am pleased that a number of alternative options have presented themselves during the process which we will now explore further.
'We will face further challenges'
"We have a concentrated and well-invested portfolio of many of the UK's best retail and leisure destinations where both shoppers and customers want to be.
"Operationally our business is strong, delivering a resilient rental performance despite ongoing pressure from CVAs and administrations, with stable occupancy rates and footfall that consistently outperforms the benchmark.
"Our centres are the best performers in the regions in which we are present and independent research shows that stores with intu outperform retailers' average sales by nearly 30 per cent.
"This is a compelling proposition and one that will stand the test of time. We will face further challenges in what has been an extraordinary few months for intu and the wider sector, but I am confident that we will face these head on and emerge a leaner, fitter and more focused business."
Intu had announced plans to raise the funding in the middle of January. But the company was dealt a blow when high-profile Hong Kong investor Link Real Estate pulled out of plans to help with the emergency cash plan.
In the update to shareholders, Intu said its 2020 results would decline but at a slower rate than last year when like-for-like net rental income fell 9.1 per cent.
It also announced last week that it had agreed a £440millon revolving credit facility that will run until 2024 after securing the agreement of its seven banks - Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest and UBS.
However, the new agreement was based on Intu raising at least £1.3billion of equity as it tries to pay down its debt.
