Further extension granted to complete £2.9bn property deal

The deadline to press ahead with a £2.9bn deal which would create the UK’s largest property firm could be brokered within the next eight days.

Intu, the company which owns the Victoria and Broadmarsh centres in Nottingham and a mall in Derby, has been locked in talks with a consortium led by Manchester based Peel Properties.

The consortium, which also includes Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Asset Management, is being led by Manchester businessman John Whittaker.

A statement was issued to the Stock Market this morning by Intu saying that the talks have been extended for a further eight days, until 5pm on 30 November. This follows a further week’s extension announced last week.

Peel is already one of the largest property firms in the country and the proposed deal would be one of the biggest ever seen in the sector.

Earlier this year talks between Intu and property firm Hammerson over a £3.4bn takeover collapsed.