A number of fund managers believe UK and Spain shopping-centre owner Intu Properties, which has written down assets as tenant problems weigh on the group, needs new hands to steer the company so it can compete with other large European mall owners.

Intu has been a takeover target for more than year with Hammerson, which owns shopping malls and retail parks in Europe, trying to acquire it earlier in 2018. Hammerson abandoned its £3.4bn bid in April, blaming a deterioration in the UK retail property market and concerns about a lengthy merger process. Intu is now considering a £2.9bn takeover cash offer, made earlier in October, from a consortium that includes UK billionaire John Whittaker, Saudi investment group Olayan and diversified global real-estate group Brookfield Property Group. Peter Clark, a portfolio manager at Investec Asset Management, said the offer would benefit shareholders were it accepted. "The potential cash offer is certainly welcomed as an opportunity to real...

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