Broadmarsh and Victoria Centre owners Intu bought out by Bull Ring owners Hammerson

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Artist's impression of how the Lister Gate entrance to Broadmarsh will look after the redevelopment.

Broadmarsh and Victoria Shopping Centre owners Intu have been taken over by Hammerson in a £3.4 billion deal.

The buy-out creates the biggest property company in Britain with a value of around £21 billion.

Hammerson owns Birmingham’s Bullring shopping centre, as well as Brent Cross shopping centre in London.

There was no mention in the deal announcements, by Intu or Hammerson, of the future of the planned £100 million redevelopment of the Broadmarsh centre in Nottingham.

When asked by Notts TV if the Broadmarsh project would be affected by the deal, a spokesman for Hammerson said: “It’s business as usual for both organisations,” but declined to discuss the issue further.

Nottingham City Council owns one third of the Broadmarsh, and the whole of the car park nextdoor, which is already being demolished and re-built by the council.

The Broadmarsh and car park redevelopment are two parts of a vast transformation of the south side of Nottingham City Centre, which also includes a planned new £250m campus for Nottingham College next to the tram line, off Canal Street.

City Council Leader Jon Collins said: “We have spoken to intu and heard nothing to suggest they’ve changed their plans. Neither does it affect the overall plans for redeveloping the Broadmarsh area, including the new car park and bus station, new college building, transformed castle and improved public realm.

“We are encouraged by what we have seen in public statements by Hammerson about investment in leading cities, and in their track record of investing in fellow core cities such as Birmingham and Leeds. We look forward to the continuing transformation of Broadmarsh and the surrounding area as a fitting southern gateway to the city.”

 

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Hammerson own Birmingham’s iconic Bull Ring centre. Photo: Bob Williams

Statements issued by both companies indicated the Intu brand, which is used by both Nottingham centres, will continue.

John Strachan, chairman of Intu and proposed senior independent director of the enlarged company, said: “A combination of both Intu and Hammerson will create a more resilient, diversified and stronger group that we believe will benefit all our stakeholders.

“Intu offers high-quality retail and leisure destinations in the UK and Spain, which when merged with Hammerson’s own top-quality assets in the UK, in France and in Ireland, present a highly attractive proposition for retailers and shoppers in Europe’s leading cities.”

David Tyler, chairman of Hammerson, will be the chairman of the enlarged company created by the takeover.

John Whittaker, deputy chairman of Intu, will become its deputy chairman.

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