Intu Properties confirms it is in advanced discussions to acquire acquire remainder of Merry Hill shopping centre

Posted On Friday, 17 June 2016 11:53 Published by
Rate this item
(0 votes)

Property group Intu confirms a Thursday report in a regional newspaper that it is in talks to acquire half of a shopping centre near Birmingham it does not own for GBP410m.

 Intu_Properties_CE_David_Fischel

JSE-listed‚ UK-focused property group Intu (ITU) on Friday morning confirmed a Thursday report in a regional newspaper that it is in talks to acquire half of a shopping centre near Birmingham it does not own for £410m.

Intu proposes to buy out its co-owner of Merry Hill shopping centre‚ Australian fund manager QIC.

“In response to media comment‚ Intu confirms that it is in advanced discussions with QIC regarding the potential acquisition of QIC’s 50% interest in Intu Merry Hill in the West Midlands. If the acquisition were to proceed‚ the consideration is likely to be around £410m and would be funded through a combination of new debt and existing resources‚” Friday’s statement said.

Midlands newspaper Express & Star reported on Thursday that Intu acquired half of the mall from Westfield two years ago for £403.8m.

“The deal also put Intu into the driving seat as manager of the 1.4-million square foot (about 427‚000m²) retail site‚” the paper said.

“Intu has already spoken of its plans for major improvements at Merry Hill.

“It has seen its half stake increasing in value since it was bought‚ with 22 new lettings over the last year. The company has said it aims to improve the tenant mix. There are around 213 stores and one aim is to combine some of the smaller units to create shops with bigger floor space. This is allowing Top Man/Top Shop to move into a bigger unit.”

Last modified on Friday, 24 June 2016 01:18

Most Popular

Pam Golding Properties achieves record price of USD13.6m for sale of luxury home in Mauritius

Mar 12, 2024
Villa sold for USD13.6m Mauritius, patio & pool
The Mauritius office of Pam Golding Properties has sold a six-bedroom, luxury beachfront…

Simplified capital structure and operational performance delivers strong 1H2024 results for Fortress Real Estate Investments

Mar 12, 2024
Cornubia Ridge LP_March 2024
Fortress Real Estate Investments delivers strong 1H2024 results: Simplified capital…

Dipula and REO’s innovative approach to tenant installation for EOH grows a sustainable furniture initiative

Mar 12, 2024
Interior EOH in Montrose Place at Waterfall Park in Midrand 3
Dipula Income Fund’s new lease with EOH for the Montrose Place at Waterfall Park in…

Please publish modules in offcanvas position.