Hammerson to buy Intu creating £21bn retail developer

Aaron Morby 12 months ago
Share

Retail developer Hammerson has agreed terms to take over rival Intu to create a £21bn shopping centre giant.

Sir Robert McAlpine is preferred bidder to deliver Intu's Broadmarsh centre revamp

The enlarged group will retain the Hammerson name, and dominate with a 55% shareholder stake in the enlarged business.

A deal will trigger a round of major disposals in the UK as the firm seeks to channel a £2bn windfall into investments in higher return regions such as Ireland and Spain.

The move also casts doubt on the redevelopment of the Broadmarsh centre, where detailed planning was expected to be submitted before Christmas.

Sir Robert McAlpine is lined up to deliver a £92m revamp of Intu’s Nottingham retail development, but will  now have to wait for confirmation.

The new company will be led by David Atkins, chief executive, and Timon Drakesmith, chief financial officer.

Atkins said: “This marks an exciting milestone in the history of Hammerson.

“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.

“I hold Intu’s high-quality centres in high regard and I look forward to working with a strengthened team to enhance the performance of our entire portfolio.”

John Strachan, Chairman of Intu and proposed Senior Independent Director of the new business, said: “Intu offers high-quality retail and leisure destinations in the UK and Spain, which when merged with Hammerson’s own top-quality assets in the UK, in France and in Ireland, present a highly attractive proposition for retailers and shoppers in Europe’s leading cities.”

Latest news

Forrest facing D-Day over company’s future

Decision on refinancing plan expected this week
8 hours ago

Multiplex hires Laing O’Rourke commercial leader

Andy Butler joins Multiplex as technical director
7 hours ago

Plans go in for tallest tower in the City of London

"Tulip" next to the Gherkin will let visitors ride down facade in glass gondolas
1 day ago

Byrne Group FD steps down

Daren Harris leaves firm after three years in post
7 hours ago

£160m RAF contract win for Kier and VolkerFitzpatrick

Joint venture to make RAF Lakenheath ready for US Air Force F-35 Fighter Jets
17 hours ago

Balfour Beatty on the hunt for highways subcontractors

Supplier engagement day in Crewe: Register now
23 hours ago

Bid race starts for £435m HS2 Birmingham station

Four firms to be shortlisted to tender project in May
1 day ago

Mears buys Mitie housing upkeep arm for £35m

More than 1,000 Mitie Property Management staff to transfer to Mears
1 day ago

Expanding Weston Homes invests in logistics division

South east house builder on growth push as profits jump over 50% to £35m
1 day ago

Blu-3 bags enabling works for £1.1bn Stratford scheme

Firm to start £5m Stratford Waterfront utility works later this month
1 day ago
blu-3 (UK) Limited

Interserve fined after M&E blunders at animal lab

Court hears how inadequate maintenance posed potential risks from harmful biological agents
1 day ago

Plans in for 42-storey Ilford residential tower

Skanska on board to build landmark tower next to Ilford Crossrail station
1 day ago

Construction’s most considerate companies revealed

Full details now available of latest Considerate Constructors Scheme winners
1 day ago

Green light to redevelop Dragon’s Den into offices

L&G JV backs London warehouse studio redevelopment to offices
1 day ago

Union demands “toilet dignity” for construction workers

Unite threatens to name and shame guilty firms
1 day ago

Winners revealed of £22m fund for on-site training hubs

Full list of 26 winners for new initiative to train on live construction sites
4 days ago

Boost your online presence – join the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
7 months ago

Kier on track with debt reduction efforts

Kier chief says firm is chipping away at £410m debt mountain
4 days ago

Bouygues UK south east chief exits

Darren Gill leaves after 22 years at Bouygues Construction
4 days ago

Wates wins £82m London Haringey tower job

Work starts on developer Anthology's 32-storey Hale Works resi block
4 days ago

B&K tipped for £60m Nottingham HMRC hub

Developers seal forward funding for Unity Square scheme
5 days ago

Regal to build £55m Lords retirement homes block

Over 55s housing scheme will be build next to London cricket ground
5 days ago

Caledonian takes £25m Wembley student pods order

Offsite specialist will deliver 680 bedroom modules for high-rise First Way Campus
5 days ago

Robertson wins pair of Glasgow hotel jobs

Marriott and Moxy hotels to be built next to SSE Hydro venue
5 days ago

Kier raises £24m from Australian road business sell-off

KHSA road assets and management services business offloaded to pay down debt
5 days ago

Wates rejigs construction senior management

Mark Tant promoted to new managing director role at construction division
6 days ago

Stansted Airport expansion wins council approval

Ambitious airport expansion plans scrape through local planning
5 days ago

Robot bricklayer builds house in under three days

Tech company hails a "quantum leap for the construction industry"
5 days ago

Lendlease lands Oxford Street office and retail scheme

Main construction work to start early next year at Oxford House
5 days ago

Green light for 335 PRS flats in Sheffield

Work to start next year on multi-block Sylvester Street scheme
5 days ago

Contractor services