Retail specialists Hammerson are to buy Intu Properties creating a £21bn pan-European retail real estate investment trust (REIT), which will be one of the largest retail real estate stocks in Europe. Retail specialists Hammerson are to buy Intu Properties creating a £21bn pan-European retail real estate investment trust (REIT), which will be one of the largest retail real estate stocks in Europe. David Tyler, chairman of Hammerson, will become chairman of the Hammerson Plc, while John Whittaker, deputy chairman of Intu, will become deputy chairman of Hammerson Plc. The terms of the acquisition represent a value of approximately 253.9 pence per Intu share, equivalent to £3.4bn for the entire issued and to be issued share capital of Intu. The acquisition will result in Hammerson shareholders owning approximately 55pc of the issued share capital of the enlarged group and Intu shareholders owning approximately 45pc of the issued share capital of the enlarged group (based on the fully diluted share capital of Hammerson and Intu).

Source: Irish Independent December 06, 2017 09:00 UTC