Big rival in Merry Hill takeover bid
Landmark shopping centre Merry Hill is in talks to be taken over by a rival retail giant.
Owner Westfield is in discussion with Intu Properties – who run more than a dozen centres across the country – over the future of the iconic centre.
The firm is thrashing out a deal to buy 50 per cent of the Brierley Hill complex, which is home to 290 shops and restaurants, and take over its management.
Intu runs more than a dozen prime shopping centres across the country, including Manchester's Arndale and Trafford centres.
Westfield would not comment on the plans today but in a statement Intu's board said negotiations were ongoing.
"The board of Intu confirms that it is in discussions with Westfield regarding the potential acquisition of its Derby shopping centre together with an equity interest in, and management contract for, Merry Hill in Dudley," the firm said. "If the acquisition were to proceed, it is likely that it would be funded through a combination of new debt and equity.
"Although discussions are ongoing, there can be no certainty that any transaction will be undertaken.
"A further announcement will be made if and when appropriate."
More than 24 million shoppers descend on Merry Hill every year.
Westfield bought it from previous owners Chelsfield in 2004. Merry Hill launched in the late 1980s, with the final phase completed in 1989 when Sainsbury's opened its flagship store.
