INTU’S AT THE CEN­TRE OF A £3.4BN TAKEOVER–

SHOP­PING CEN­TRE COULD BE­COME PART OF LARGEST PROP­ERTY FIRM

Hayes & Harlington Gazette - - FRONT PAGE - by QASIM PERACHA qasim.peracha@trin­i­tymir­ror.com Twit­ter: @qasim­per­acha

INTU’S Uxbridge shop­ping mall could be sold in a £3.4 bil­lion deal which would cre­ate the coun­try’s largest prop­erty com­pany.

Intu, which owns shop­ping cen­tres across the coun­try, is sub­ject to a takeover bid by Ham­mer­son – the own­ers of Brent Cross Shop­ping Cen­tre.

The deal is un­der­stood to bring to­gether Intu’s Lakeside, Traf­ford and Uxbridge cen­tres and Ham­mer­son’s Bices­ter Vil­lage, Brent Cross and Birm­ing­ham’s Bull Ring. The value of the joint prop­erty port­fo­lio is es­ti­mated at £21 bil­lion, which would make it the largest prop­erty com­pany in the coun­try.

In 2014, Malaysian pen­sion fund Kumpu­lan Wang Per­saraan pur­chased an 80% stake in the shop­ping cen­tre from Intu, which re­tained 20% and con­tin­ued to man­age it.

The Gazette un­der­stands Ham­mer­son is keen to main­tain the large port­fo­lio, in­clud­ing Intu Uxbridge as well as re­tail and leisure des­ti­na­tions across the world.

Ham­mer­son share­hold­ers would con­trol 55% of the joint com­pany while Intu’s in­vestors would own the re­main­ing 45%.

Ham­mer­son shares fell by 3% when the news broke, while Intu shares surged 18% as in­vestors backed the su­permall con­sol­i­da­tion.

John Stra­chan, chair­man of Intu, 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.

“Intu of­fers high-qual­ity re­tail and leisure des­ti­na­tions, which when merged with Ham­mer­son’s own as­sets present a highly at­trac­tive propo­si­tion for re­tail­ers and shop­pers in Europe’s lead­ing cities.”

Intu Uxbridge, for­merly known as The Chimes, is part of the takeover bid by Ham­mer­son, which owns Brent Cross Shop­ping Cen­tre among other as­sets

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