Hammerson to acquire Intu in 3.4 billion pound deal

British shopping centre owner Hammerson has made a recommended 3.4 billion pound offer for smaller rival Intu Group, which would see London’s Brent Cross, Birmingham’s Bullring and Manchester’s Trafford Centre combined into one group.

Hammerson, which owns the Bullring along with shopping centres including Brent Cross in London, Cabot Circus in Bristol and Dundrum Town Centre in Dublin, as well as properties in France, said the takeover would create a 21 billion pounds portfolio of European retail and leisure properties.

Intu Group welcomes more than 35 million customers every year across its shopping centre portfolio that includes Manchester’s Trafford Centre, Intu Braehead in Glasgow, Intu Lakeside in Essex and Into Metrocentre in Gateshead.

Intu shareholders will receive 0.475 new Hammerson share for each Intu share, the companies said. The all-share offer represents a value of about 253.9 pence per Intu share.

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Image: courtesy of Hammerson - Cabot Circus