Peel property deals with CSC backed
TRAFFORD Centre owner Capital Shopping Centres has succeeded in winning investors’ approval for its planned acquisition of two assets from Peel Group.
Despite criticsm from some shareholders and investment groups, the purchase of land in Glasgow, and more controversially in Spain, were backed by a majority of investors at a general meeting in London.
More than 90% backed the £4.7m purchase of 30.96 acres of land at the King George V docks in Glasgow from Manchester-based Peel’s Clydeport Properties subsidiary, while 81% backed the acquisition of a option on land in Malaga.
Prior to the vote shareholders’ groups the Association of British Insurers and Pirc warned shareholders about potential conflicts of interest in the deals.
Analysts have been critical too, questioning the rationale of the Spanish deal – CSC has no assets outside of the UK.
Peel Group owns more than 20% in CSC after selling the Trafford Centre to it last year. Capital Shopping Centres has said that Peel founder and CSC deputy chairman John Whittaker was not present in board meetings that discussed the deal, and that there was no conflict of interest.
