Shopping centre firm reveals takeover plan
THE biggest public real estate firm in the United States unveiled plans to bid for the owner of the Lakeside and Metro shopping centres today in a move valuing the company at £2.9bn.
Simon Property Group said it would make an offer for Capital Shopping Centres, in which it has a 5 per cent stake, as long as the UK firm pulls a controversial acquisition of Manchester's Trafford Centre.
Simon, which earlier expressed an interest in buying Capital but was denied access to its accounts, has signalled a price of 425p per share with the condition that the proposed acquisition of the mall does not proceed.
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Hide AdCapital has been locked in a bitter battle with Simon since it offered 1.6bn to buy the Trafford Centre from Peel Holdings, giving the company controlled by billionaire John Whittaker nearly 20 per cent of its shares.