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Hammerson and Intu to merge

by Andrea Waitrovich

Hammerson plans to acquire Intu Properties in a deal that is expected to create a £21 billion ($28 billion) pan-European retail REIT.

The sales price is £3.4 billion ($4.56 billion).

Hammerson shareholders will own 55 percent of the combined firm, with Intu investors holding the remainder.

The proposed acquisition involves the larger company keeping the Hammerson name, to be run by David Tyler, Hammerson chairman, David Atkins, chief executive, and John Whittaker, as deputy chairman.

The firms plan to offload at least £2 billion ($2.7 billion) of assets. They would focus on large stores in core locations, with 43 percent of its portfolio made up of properties in key European cities, such as those in Spain and Ireland.

Recently, Hammerson exchanged contracts for the sale of its ownership in Saint Sébastien shopping centre, Nancy, to AEW Ciloger on behalf of SCPI Laffite Pierre and Actipierre Europe for £143 million ($191 million).

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