British real estate developer Hammerson has agreed to buy competitor Intu to form a European retail giant: Hammerson will be the largest real estate company in the UK and the second in Europe.
This merger agreement will create a group with €23,700 million in assets, most of them are shopping centers in the UK, France and Spain. The Spanish shopping centers are Parque Principado in Asturias, Puerto Venecia in Zaragoza and 50% of Xanadu in Madrid.
According to the Spanish Real Estate, the operation will be carried out through a takeover bid for Hammerson over Intu, valuing the company’s capital by €3,850 million. The effect will be “significant in the Spanish market”, according to the publication, not only by the three shopping centers that now change ownership, but also by the development plans that Intu has already defined in Malaga, Valencia and Vigo, investments of more than €1000 million.
Hammerson also participates in the capital of Value Retail and Via Outlets, which operates centers such as Las Rozas Village in Madrid, La Roca in Barcelona, Mallorca Fashion and Sevilla Fashion. Read the full article here ...
Butterfly Residential are market leaders in the luxury real estate sector with exclusive properties for sale and luxury properties for rent in some of the finest locations across the world.