Airport owner part of property consortium lining up £2bn bid for intu
A consortium of property companies is eyeing a bid for shopping centre operator intu in a deal that would value the company at around £2bn.
The consortium is made up of The Peel Group – which owns assets across Yorkshire including Doncaster Sheffield Airport and Calder Park in Wakefield – Olayan Group and Brookfield Property Group. It also includes intu director John Whittaker who already owns 27% of the company.
The Peel Group, which also invests in property group Harworth and shopping centre group Hammerson, is Manchester headquartered. Intu has 20 shopping centres across the UK and Europe, including the Trafford Centre in Manchester.
In a statement made to the London Stock Exchange, the consortium said: “[The group] note the recent press speculation and confirm that the consortium is in the preliminary stages of considering a possible cash offer or the issued (and to be issued) share capital of Intu not already owned by members of the consortium.
“The consortium’s consideration of the possible offer is at a preliminary and exploratory stage and no approach has been made to the Board of Intu.
intu confirms that it has not received an approach from the consortium. The Board of intu has formed an independent committee comprising all directors of intu other than John Whittaker, who is connected to the consortium. The independent committee will consider any approach from the consortium, if made, and a further announcement will be made if and when appropriate.”
The news comes six months after Hammerson – the owners of Victoria Gate in Leeds – withdrew its offer to acquire rival Intu, which would have created a £21bn company.
