Intu takeover called off

cyberdude · Wed 18 Apr, 2018 16.47

http://www.bbc.co.uk/news/business-43807491

Shopping centre owner Hammerson, owner of Birmingham's Bullring, is no longer urging its shareholders to vote in favour of its acquiring rival Intu.

It comes months after it announced an all-share offer for Intu, owner of the Trafford Centre in Manchester.

The proposed £3.4bn takeover would have created the UK's biggest property company, worth £21bn.

Hammerson said: "The proposed Intu acquisition is no longer in the best interests of shareholders."

scottishtv · Wed 18 Apr, 2018 17.54

*wishes this thread was named "Just not that intu you".*

A bit more from The Times:

The decision comes days after one of its largest shareholders, APG, a Dutch institution, said in a public letter that it would not back the deal because of concerns that it would dilute the quality of Hammerson’s portfolio.

It also comes not long after Klépierre, a French listed retail rival, walked away from making a formal £5 billon offer for Hammerson, claiming a lack of “meaningful engagement” from the British counterpart.

WillPS · Thu 19 Apr, 2018 10.19

The crappy 'intu' brand lingers on then. Hurrah.

There is a big question around the long term future of Intu's town centre malls. It was understood Hammerson were going to divest them but perhaps the maths for doing that didn't quite add up.

Pete · Thu 19 Apr, 2018 11.25

WillPS wrote: ↑Thu 19 Apr, 2018 10.19 The crappy 'intu' brand lingers on then. Hurrah.

There is a big question around the long term future of Intu's town centre malls. It was understood Hammerson were going to divest them but perhaps the maths for doing that didn't quite add up.

Would that include giants like Eldon Square?

WillPS · Thu 19 Apr, 2018 15.06

Pete wrote: ↑Thu 19 Apr, 2018 11.25
WillPS wrote: ↑Thu 19 Apr, 2018 10.19 The crappy 'intu' brand lingers on then. Hurrah.

There is a big question around the long term future of Intu's town centre malls. It was understood Hammerson were going to divest them but perhaps the maths for doing that didn't quite add up.
Would that include giants like Eldon Square?

From what I remember, that one's roughly the size of Intu Derby isn't it? If so, yes.

Although clearly some centres (*cough* Broadmarsh *cough*) are more of a problem than others.

cyberdude · Fri 17 Aug, 2018 21.05

It appears Intu Derby is being leased/sold off.

https://property.jll.co.uk/rent-retail- ... -2pl-13407

nwtv2003 · Sat 18 Aug, 2018 10.14

Does anyone ever call any of their shopping centres intu.... ? Reason I ask is that when they acquired The Trafford Centre a few years ago, it got rebranded as intu Trafford Centre, and no one I know calls it that. I’m assuming it’s not really a strong brand?

To be fair to them they haven’t really changed Trafford aside getting rid of the red dinner jackets the staff used to wear.

cyberdude · Sat 18 Aug, 2018 11.03

nwtv2003 wrote: ↑Sat 18 Aug, 2018 10.14 Does anyone ever call any of their shopping centres intu.... ? Reason I ask is that when they acquired The Trafford Centre a few years ago, it got rebranded as intu Trafford Centre, and no one I know calls it that. I’m assuming it’s not really a strong brand?

To be fair to them they haven’t really changed Trafford aside getting rid of the red dinner jackets the staff used to wear.

Nope. It's akin to when a stadium or venue gets sponsored and changes its name. Everyone just calls it by its original name.

WillPS · Sun 19 Aug, 2018 01.19

nwtv2003 wrote: ↑Sat 18 Aug, 2018 10.14 Does anyone ever call any of their shopping centres intu.... ? Reason I ask is that when they acquired The Trafford Centre a few years ago, it got rebranded as intu Trafford Centre, and no one I know calls it that. I’m assuming it’s not really a strong brand?

To be fair to them they haven’t really changed Trafford aside getting rid of the red dinner jackets the staff used to wear.

In the case of the out of town centres, no. They are still Trafford Centre, Lakeside, Metrocentre etc.

In the case of the named town centre locations, again no. They are still Victoria Centre, Broadmarsh, Eldon Square etc.

In the case of the town centre locations which use the town names, yes. Intu Derby is typically called "the Intu centre" (although you still get people calling it Westfield or The Eagle Centre). I imagine the same is true of Watford, Milton Keynes etc.

This is especially pertinent in Nottingham, where people refer to "the Intu centre" which is commonly understood to mean Intu Derby even though there are two Intu branded centres here. Just shows what a meaningless brand it is I guess.

Andrew · Sun 19 Aug, 2018 22.21

WillPS wrote: ↑Sun 19 Aug, 2018 01.19
nwtv2003 wrote: ↑Sat 18 Aug, 2018 10.14 Does anyone ever call any of their shopping centres intu.... ? Reason I ask is that when they acquired The Trafford Centre a few years ago, it got rebranded as intu Trafford Centre, and no one I know calls it that. I’m assuming it’s not really a strong brand?

To be fair to them they haven’t really changed Trafford aside getting rid of the red dinner jackets the staff used to wear.
In the case of the out of town centres, no. They are still Trafford Centre, Lakeside, Metrocentre etc.

In the case of the named town centre locations, again no. They are still Victoria Centre, Broadmarsh, Eldon Square etc.

In the case of the town centre locations which use the town names, yes. Intu Derby is typically called "the Intu centre" (although you still get people calling it Westfield or The Eagle Centre). I imagine the same is true of Watford, Milton Keynes etc.

This is especially pertinent in Nottingham, where people refer to "the Intu centre" which is commonly understood to mean Intu Derby even though there are two Intu branded centres here. Just shows what a meaningless brand it is I guess.

As you know, if someone in Nottingham says 'the intu centre' and they mean one in Nottingham, they are probably meaning the Victoria Centre as that has been intu-ified and refurbished internally. The other one is firmly Broadmarsh as its still stuck in that era, run down, the shops there are downmarket, it was next to Broadmarsh car park and Broadmarsh bus station etc.

I wouldn't say intu was meaningless, as it helps them sell the whole portfolio both to the customer with gift cards etc, and also to businesses who want to work with the firm with advertising etc.

Andrew · Sun 19 Aug, 2018 22.23

cyberdude wrote: ↑Sat 18 Aug, 2018 11.03
nwtv2003 wrote: ↑Sat 18 Aug, 2018 10.14 Does anyone ever call any of their shopping centres intu.... ? Reason I ask is that when they acquired The Trafford Centre a few years ago, it got rebranded as intu Trafford Centre, and no one I know calls it that. I’m assuming it’s not really a strong brand?

To be fair to them they haven’t really changed Trafford aside getting rid of the red dinner jackets the staff used to wear.
Nope. It's akin to when a stadium or venue gets sponsored and changes its name. Everyone just calls it by its original name.

Except at Man City

Plus also if it never had an original non branded name which most of the new stadiums built in the last 15 years haven't.