Klépierre: Going shopping for malls
French mall owner could scupper Hammerson’s proposed Intu merger if it makes a formal bid
The global retail property sector has been anything but dull of late. Mega deals among the world’s leading mall owners have been coming thick and fast, with the latest being France-listed Klépierre, which last month made a cheeky play for London and JSE-listed Hammerson. That follows fellow French heavyweight Unibail-Rodamco’s recent takeover of Australian-based Westfield and the merger between US-focused Brookfield Property Partners and General Growth Properties. Hammerson, which owns a portfolio of more than 50 shopping centres, retail parks and outlet villages across the UK and Europe, late last year announced plans to merge with UK-focused Intu Properties. Hammerson’s flagship malls include Bullring in Birmingham, Dundrum Town Centre in Dublin and Les Terrasses du Port in Marseille. Hammerson’s and Intu’s portfolios are roughly the same size, with a combined value of £21bn (R350bn). If successful, the merged entity would become the JSE’s largest property stock, with a market cap...
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