CSC shareholders approve Trafford Park buyout

Capital Shopping Centres (CSC) have voted in
favour of acquiring the Trafford Park retail site from EventCity owner,
Peel Group.

As previously reported in CN, CSC
was in discussions with Peel Group to buy its Trafford Park
estate
in northern England, worth £1.65bn, in exchange
for a 23.2 per cent controlling stake in CSC. Although recommended by CSC’s
board, the deal was criticised by CSC shareholder and rival property developer,
Simon Property Group. However, Peel’s chances of success were given a swift move
forward this month after Simon withdrew its counter acquisition offer. 

Just over 82 per cent of CSC votes cast at an extraordinary general
meeting on 26 January were in approval of the deal.

“I am delighted by the overwhelming support from our shareholders for
the acquisition of the Trafford Centre, which is value enhancing for CSC and
will strengthen CSC’s position as the leading operator of pre-eminent UK
regional shopping centres,” company Chairman Patrick Burgess said. “We are glad
to welcome John Whittaker [Peel Group Founder and Owner] to the board as Deputy
Chairman and look forward to the contribution of his considerable expertise to
the Board.”

Peel Group also owns Manchester-based EventCity, a new 24,000sqm
exhibition space which opens with its first commercial event, Great Days Out, in
March.

Send your news tips to the CN team:
conferencenews@mashmedia.net

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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