Markets

Intu Lakeside bought up by rivals Hammerson

Intu Lakeside bought up by rivals Hammerson

Broadmarsh and Victoria Shopping Centre owners Intu have been taken over by Hammerson in a £3.4 billion deal.

If the proposed deal goes ahead, Intu's shareholders will receive 0.475 shares in the new business for each of their Intu shares. The all-share offer represents a value of about 253.9 pence per Intu share, a premium of 27.6 percent to its Tuesday's close.

David Atkins, chief executive of Hammerson, said: "Bringing together the high-quality portfolios of both companies establishes Hammerson as a larger, leading European retail REIT, enhances shareholder returns and supports opportunities for long-term growth". He's spent his life in shopping centres, doing all the usual stuff: going up the wrong escalators, knocking over invisible three-year-olds and walking into airless shops, staring blankly for a bit, and walking out again. Shareholders will vote on the deal next year.

Mr Strachan said: "A combination of both Intu and Hammerson will create a more resilient, diversified and stronger group that we believe will benefit all our stakeholders".

The combined group, which will be called Hammerson, will be led by Hammerson boss David Atkins and chaired by David Tyler.

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That statement doesn't address one of the biggest problems with letting Comcast and others become the gatekeepers to the internet. A Verizon spokesman said consumers had a favorable opinion of the company because it prioritized service over policy debates.

Hammerson, which acquired its stake in Saint Sébastien in 2014 for £109m, said the sale was expected before year-end.

Intu's shares had not jumped all the way to the 254p offer price "due to the same acquisition risk", noting that the deal may collapse or be blocked, plus potential regulatory hurdles.

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

He added: "For all of the gloom surrounding the FTSE 100's real estate investment trusts (REITs), they have yet to show any signs of Brexit-related stress".

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


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