Intu acquires remaining 50 percent of Merry Hill

Shopping centre operator Intu, which owns and operates the Trafford Centre and Manchester Andale, has acquired the remaining 50 percent of the Merry Hill estate in the Midlands for 410 million pounds, before expenses.

Acquired from the Queensland Investment Corporation, the estate comprises of the Intu Merry Hill shopping centre, two retail parks, office and leisure uses along with development land.

Merry Hill is located 10 miles west of Birmingham and the shopping centre is arranged over two levels featuring 214 units, including six anchor stores currently occupied by Marks and Spencer, Debenhams, Primark, Next, Sainsbury’s and Asda. The shopping centre is 96 percent occupied.

Intu acquired its first 50 percent stake in Merry Hill in 2014.

Intu chief executive, David Fischel, I said: “We are pleased to have been able to acquire the remaining 50 percent interest in Intu Merry Hill, some two years after our original 50 percent acquisition in 2014.

"Our ownership and asset management to date has provided us with ample evidence of the centre’s upside potential, whatever the outcome of the EU referendum.”

Image: Intu website