Hammerson could be on the hook to pay £150,000 a year to Sir Donald Gordon, the South African property grandee behind the creation of Intu Properties, if its takeover of the rival business succeeds. The UK business behind centres such as the Bullring in Birmingham surprised the market this week when it announced a £3.4 billion all-share takeover of Intu Properties, which owns the Trafford Centre in Manchester. The deal could create a “mega-mall” company in control of a £21 billion pan-European portfolio of retail and leisure property, with Hammerson shareholders owning 55 per cent of the group and the rest owned by Intu investors. If it goes ahead, the deal would propel Hammerson, led by David Atkins, in front of Land Securities as the…

Source: The Times December 08, 2017 00:00 UTC