Intu Lakeside bought up by rivals Hammerson

07 Декабря, 2017, 07:09 | Author: Leticia Walters
  • Hammerson

The new firm is to be led by Hammerson chief executive David Atkins and chaired by Hammerson chairman David Tyler.

The buy-out creates the biggest property company in Britain with a value of around £21 billion.

He's spent £3.4 billion's worth of Hammerson shares on Intu - the over-geared, underperforming owner of such unforgettable days out as the Trafford Centre and Lakeside.

Mr Tyler said: "This transaction will deliver real value for shareholders". Intu's deputy chairman John Whittaker will be given the same role in the enlarged company, while its chairman John Strachan will join the board as senior non-executive director.

Hammerson own Birmingham's Bullring shopping centre, as well as Brent Cross shopping centre in London.

The combined group will target fast-growing markets in Spain and Ireland. Shareholders will vote on the deal next year.

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The enlarged group will retain the Hammerson name, and dominate with a 55% shareholder stake in the enlarged business.

Some people can't resist 37 per cent off. Take David Atkins, the Hammerson boss.

"The acquisition creates a leading pan-European platform of desirable retail and leisure destinations which are better positioned to serve the needs of our retailers, excite our customers and support our partners and communities".

It has already invested in new restaurants and agreed a deal with Next to increase its presence at the mall.

Intu originally bought a 50 per cent stake in Merry Hill, the seventh largest United Kingdom shopping centre, in March 2014 for £408m from Westfield.

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