Hammerson to buy Intu creating £21bn retail developer

Aaron Morby 5 years 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
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

M&E contractor Kershaw went down owing subbies £10m

More than 400 firms left holding unpaid invoices
33 mins ago

Green light for UK’s first plastic recycling park

£165m park in Cheshire will recycle 367,500 tonnes of plastic
15 mins ago

Six locations shortlisted for Great British Railways HQ

Site for national HQ narrows to Birmingham, Crewe, Derby, Doncaster, Newcastle and York
17 hours ago

Eight contractors trailblaze concrete carbon reduction plan

Firms pledge to switch to 30% low emission concrete by 2025
12 hours ago

Kit maker Genie fined after M25 work platform death fall

Court hears how calibration error led to death of worker when 40 metre high mobile elevating work platform collapsed
23 hours ago

O’Connor Utilities sold to private equity

OCU Group reported to have fetched around £400m
2 days ago

Rolls-Royce shortlists sites for first SMR factory

Three factories will make reactor, civils and MEP modules for SMR nuclear power stations
24 hours ago

£233m loan kick starts £3.5bn regen of Royal Docks site

Infrastructure loan paves way for 6,000-home East London Silvertown scheme
23 hours ago

Henry Construction wins £33m Oxford housing estate rebuild

Contractor signs off first deal with A2Dominion
24 hours ago

Carillion collapse hospital hit by more construction delays

Balfour will take another 18 months to complete Midland Met scheme
2 days ago

Leeds college launches new construction and football course

Students can now combine site and tech skills with learning at a football academy
24 hours ago

Willmott Dixon blasts new Building Safety law

Rick Willmott accuses Government of scapegoating construction over its own regulatory failure
2 days ago

£550m plan to redevelop The Galleries centre in Bristol

Shopping centre building to be demolished for major mixed-use scheme
2 days ago

Costain cancels supply chain event on £260m road job

Preparation work for A1 upgrade stalls as Transport Secretary dithers over approval
2 days ago

£170m London Holborn Circus office approved

Demolition work set to start in the autumn for 10-storey office block
2 days ago

City leaders launch net zero construction skills drive

City of London leader warns "skills gap and labour shortage are threats to our net zero ambitions"
2 days ago

Marlborough Highways lands £32m Islington civils deal

Contractor to help with north London borough's green drive
2 days ago

Osborne makes £45m construction loss

Sale of infrastructure business balances books as contractor looks for zero-carbon wins
5 days ago

John F Hunt forecasts record revenue and profits this year

Demolition contractor back on strong financial footing after previously setting aside £5.6m for bid rigging probe
5 days ago

Notting Hill Genesis names £2.8bn framework winners

26 firms land places on main contractor deal: Full list
5 days ago

Green light for dual hotel scheme at Nine Elms

Two new hotel towers will share common basement
5 days ago

Trials start on cement-free pre-cast piles

Aarsleff is hopeful a product will come to the market shortly
5 days ago

Ex-Telford Homes boss to run green house builder

Jon Di-Stefano takes helm at M&G backed Greencore Construction
5 days ago

Subcontractors told to stop work on Brymor sites

£80m revenue southern contractor files letter of intent to enter administration
6 days ago

House builder Chartway sold to private equity firm

Cabot Square Capital signs another major construction deal
6 days ago

Murphy Group appoints new chairman

Capita chairman and investment banker John Cresswell to start in November
6 days ago

Tolent seals £40m Newcastle ‘future-living’ housing job

135-home Vaux scheme will be first of four neighbourhoods totalling 1,000 homes
6 days ago

Cruden takes first job at £1.3bn Edinburgh Waterfront scheme

Preferred bidder named for first 750 net zero homes at new Granton Waterfront coastal town
6 days ago

Trio of student towers to be built at Brent Cross Town

Ground works under way with main contractor due to be appointed next month
6 days ago

Keltbray gets start date for £50m motorway upgrade

Contractor hails "significant step forward" for highways business
7 days ago

Contractor services