Hammerson has claimed there is strong support for its proposed merger with Intu Properties, even as it heads for relegation from the FTSE 100.
David Atkins, chief executive, said that he had held “very positive” one-to-one meetings with about 70% of the shareholder register to discuss the deal.
Hammerson owns shopping centres including Bicester Village and part of the Bullring in Birmingham, while Intu is best known for Lakeside in Essex and the Trafford Centre in Manchester.
The FT reports that Hammerson managed to push up rents in 2017 despite pressure on retailers from the rise of online shopping. Hammersonhas faced pessimism from investors as they fret about the future of “bricks and mortar” retail amid shrinking sales.
But the FTSE 100 landlord shrugged off wider gloom in the sector to increase overall net rental income by 7% to £370.4m in the year to the end of December. Growth was powered mainly by its shopping centres in Ireland, as well as France, where it said consumer confidence remained strong.
