Recommended all-share offer by Hammerson plc for Intu Properties plc

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.”