Land Securities, its partner Henderson Investors and Hammerson are thought to be on the verge of agreeing a swap of shares in their rival Birmingham shopping centres.
A deal would affect Hammerson’s £350m Bull Ring redevelopment and the £450m Martineau Galleries site – a total of 92,900 sq m (1m sq ft).
The deal would give the three a third share each in both projects. It is seen as the best way of getting agreement to develop one scheme before the other in a retailing downturn which could make it even more difficult to fill both developments.
Financial Times 09/11/98 page 24
