16th Jun 2016 08:17
LONDON (Alliance News) - Intu Properties PLC on Thursday said it is in "advanced discussions" to take full ownership of the Merry Hill shopping centre, with the consideration for the remaining 50% interest "likely to be around GBP410.0 million".
The FTSE 100-listed group said it was in talks with wholesale funds manager Queensland Investment Corp regarding the potential acquisition of Queensland's 50% interest in the Merry Hill shopping centre, which is located in Dudley, near to Birmingham.
If the purchase is to go ahead, Intu said the GBP410.0 million consideration likely to be offered would be funded through a combination of new debt and existing resources.
"Whilst discussions are ongoing, there can be no certainty that any transaction will be undertaken," Intu added.
Shares in Intu were down 0.9% at 286.40 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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