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Investment

Takeover-wave in the international shopping center industry

Hammerson’s CEO David Atkins is yet again not happy with Klépierre’s latest takeover offer. Image: Hammerson

Hammerson, the British real estate group, rejected yet another takeover offer by the French Klépierre Group, as the industry in general seems to be particularly interested in mergers right now.

The British shopping center specialist Hammerson has rejected a new and improved takeover offer by Klépierre. On Wednesday in London, the Brits announced that Klépierre now offers 635 Pence per Hammerson-share, half in cash and half in their own new shares. This puts the value of Hammerson at 5 billion British pounds (5.7 billion euros).

The British company’s management considers this offer to be not nearly enough. The company currently has interests in 22 shopping centers in Great Britain, Ireland, and France. The portfolio also comprises 15 retail parks as well as 20 outlets.

“Our strategy and the positioning of our portfolio continue to deliver a strong operational performance. Our attractive high-growth markets of Premium Outlets and Ireland are driving valuation growth and we are on track with our disposal programme,” said David Atkins, Chief Executive of Hammerson a few days ago at the publication of the latest quarterly report.

At the same time, Hammerson wants to take over its British competitor intu for approximately 3.4 billion euros.

Unibail-Rodamco covets Westfield

But also other executive boards within the industry seem to get ready for several significant moves. In this current takeover-wave in the international shopping center industry, the investor Brookfield Property is about to take over the GGP, the US-based shopping center operator, and French Unibail-Rodamco is interested in buying the Australian Westfield company.


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