09:31, December 06 54 0

2017-12-06 09:31:07
Linklaters and HSF advise on Hammerson’s £3bn bid for rival Intu

Herbert Smith Freehills (HSF) has advised longstanding client Hammerson on its $3.4bn purchase of shopping centre giant Intu.

Hammerson was represented in the transaction by corporate partners Alex Kay and Caroline Rae, while consultant David Paterson supported the pair on M&A matters. Partner Susan Black handled antitrust issues.

Linklaters took the lead for Intu, with partners William Buckley and Iain Wagstaff representing the company. They were supported by managing associate Jade Chu.

Travers Smith partner Anthony Foster advised Peel Group, one of the main shareholders in Intu. It will hold 15 per cent of capital once the deal is completed, along with Cheeseden Investments.

Intu has been through a variety of different guises over the past three decades – it was firstly known as Liberty International, then Capital Shopping Centres before becoming Intu in 2013.

Peel became an investor in Capital Shopping Centres in 2011 when its development – the Manchester Trafford Centre – was sold to the company for £1.6bn. Capital Shopping was renamed Intu two years later.

Intu now owns over 20 shopping centres in the UK, as well as a number in Spain. Hammerson too owns shopping centres, such as Birmingham’s Bullring, as well as retail parks and premium outlets like Bicester Village.

The acquisition will bring together a £21bn pan-European property portfolio, although disposals are expected totalling around £2bn.