Friday, 19 October 2018

Lakeside and Metrocentre owner boosted by £2.9bn bid

Shares in property firm Intu have jumped 13% after it said it was mulling a bid from a consortium of investors.

Intu owns a number of big UK shopping centres including Lakeside in Essex, the Metrocentre in Gateshead, and the Trafford Centre in Manchester.

The consortium is made up of three companies - the Peel Group, Saudi Arabian firm Olayan and Canada's Brookfield Property.

The group's latest offer values Intu at about £2.9bn.

It had offered 205p a share last week, but has now upped the bid to 215p a share.
Peel Group is owned by UK billionaire John Whittaker, who is also Intu's deputy chairman.

Peel Group already owns 27% of Intu, while Olayan owns 2.6%.

The consortium has been granted access to Intu company documents in order to conduct due diligence, with a view to making a firm offer.

BBC     News.

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