Belfast Telegraph

Hammerson to clarify future trading plans

By Ravender Semhby

Abbey Retail Park owner Hammerson is expected to shed further light on future plans this week after rejecting a takeover approach from European rival Klepierre and standing by plans to seal a £3.4bn tie-up with Intu.

The shopping centre giant will issue a trading update on Thursday, just weeks after disclosing the approach from France's Klepierre.

At the time, Hammerson branded the £4.88bn cash and shares offer "wholly inadequate" and "entirely opportunistic".

The Bull Ring owner instead wants to press ahead with an all-share takeover of rival Intu, which would create Britain's biggest property company with £21bn worth of assets across Europe.

Intu operates Sprucefield Retail park in Lisburn, while Hammerson owns the Bicester Village and Brent Cross shopping centres, as well as Newtownabbey's Abbey Retail Park.

George Salmon, equity analyst at Hargreaves Lansdown, said: "It's been a roller coaster few months at FTSE 100-listed Hammerson."

Belfast Telegraph