Wednesday, December 6, 2017
The Boards of Hammerson plc and Intu Properties plc are pleased to announce that they have reached agreement on the terms of a recommended all-share offer by Hammerson to acquire the entire issued and to be issued share capital of Intu.
The Boards of Hammerson and Intu believe that there is a compelling strategic rationale for the acquisition, which will bring together their high-quality retail property portfolios and their combined expertise to create a leading European retail REIT with a strong income profile and superior growth prospects.
The Peel Group will hold a 15 per cent stake in the enlarged group upon completion and John Whittaker will become deputy chairman. The move will create a £21bn pan-European portfolio, including the intu Trafford Centre.
David Tyler, chairman of Hammerson, said: "This transaction will deliver real value for shareholders. The financial strength of the Enlarged Group and its strong leadership team will make it well-placed to take advantage of higher growth opportunities on a pan-European scale."
David Atkins, chief executive of Hammerson, added: "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.”