This post first appeared on Nottingham Post. Read the original article.
The owner of Nottingham’s two main shopping centres has been bought by a rival – creating a £21 billion company.
London-based real estate firm Hammerson now owns intu Properties, operator of the Broadmarsh and Victoria Centre malls in the city centre.
In a statement to the London Stock Exchange, the boards of both businesses said the deal would “create a £21 billion pan-European portfolio of high-quality retail and leisure destinations, with enhanced exposure to high-growth markets and which will benefit from evolving consumer trends”.
David Atkins, chief executive of Hammerson, said: “This marks an exciting milestone in the history of Hammerson.
“Bringing together the high-quality portfolios of both companies establishes Hammerson as a larger, leading European retail REIT (retail estate investment trust), enhances shareholder returns and supports opportunities for long-term growth.
“The acquisition creates a leading pan-European platform of desirable retail and leisure destinations which are better positioned to serve the needs of our retailers, excite our customers and support our partners and communities.
“I hold intu's high-quality centres in high regard and I look forward to working with a strengthened team to enhance the performance of our entire portfolio.”
John Strachan, chairman of intu and proposed senior independent director of the enlarged group, said: “A combination of both intu and Hammerson will create a more resilient, diversified and stronger group that we believe will benefit all our stakeholders.
“Intu offers high-quality retail and leisure destinations in the UK and Spain, which when merged with Hammerson's own top-quality assets in the UK, in France and in Ireland, present a highly attractive proposition for retailers and shoppers in Europe's leading cities.
“I am proud of the financial and operational success that intu's management team has delivered and pleased to see that the intu brand will continue.”
In the statement, the combined companies said they would look for growth opportunities and to deliver “highly productive space for retailers and attractive destinations for consumers”.
Intu has already committed to a redevelopment of the Broadmarsh Centre, as part of a wider £250m transformation of the Broadmarsh area, which includes a new car park, bus station and road changes.