LONDON-Hammerson, which only entered the out-of-town retail market two months ago, has made a late bid to become one of the sector’s major players with a £192 million bid for specialist retail park developer Grantchester. Grantchester’s management team led by Nick Hewson and Tim Walton effectively put the company in play last month with a £167 million MBO offer.
Hammerson is offering 250 pence in cash for each Grantchester share, showing a premium of 22% to Net Asset Value and a premium of 14.7% over the MBO team’s offer.
Hammerson Chairman Ron Spinney said: ‘We indicated at the time of our recent investment in Parc Fforestfach in Swansea that our strategy was to make further acquisitions of retail parks. Grantchester has one of the most attractive portfolios in the sector and there are synergies with our existing retail assets.”