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Intu acquires remaining 50% of Merry Hill

Shopping centre operator Intu has exchanged contracts with the Queensland Investment Corporation to acquire the remaining 50% of Merry Hill that it does not already own for £410 million.

GENERAL MERCHANDISE

Intu acquires remaining 50% of Merry Hill

Shopping centre operator Intu has exchanged contracts with the Queensland Investment Corporation to acquire the remaining 50% of Merry Hill that it does not already own for £410 million.

The estate comprises the Intu Merry Hill shopping centre, two retail parks, office and leisure uses along with development land.

Intu acquired its first a 50% stake in Merry Hill in 2014. Having bought the estate in 2007, Queensland Investment Corporation retained the other 50% holding but in 2015  decided to exit the interest.

David Fischel, Intu chief executive, said: “We are pleased to have been able to acquire the remaining 50% interest in Intu Merry Hill, some two years after our original 50% acquisition in 2014.

"Our ownership and asset management to date has provided us with ample evidence of the centre’s upside potential, whatever the outcome of the EU referendum.”

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