London-listed Capital Shopping Centres has received overwhelming backing from its shareholders for its plan to acquire the Trafford Centre in Manchester in one of the largest single-asset deals in the UK. The deal is valued at £1.6 bn (EUR 1.8 bn).
London-listed Capital Shopping Centres has received overwhelming backing from its shareholders for its plan to acquire the Trafford Centre in Manchester in one of the largest single-asset deals in the UK. The deal is valued at £1.6 bn (EUR 1.8 bn).
The resolution to approve the acquisition was supported by more than 80% of the votes cast during an Extraordinary General Meeting in London on Wednesday afternoon. Opposition to the deal, led by Simon Property Group, mustered about 17% of the votes.
US giant Simon Property Group (SPG), which owns 5% of CSC, has been vehemently opposed to the planned acquisition since it was announced late last year. Simon claimed that CSC is overpaying and opposes the terms of the deal, which hands a 23% stake in the business to Peel Holdings, the current owner and vendor of the Trafford Centre.
SPG went so far as to try to put together a £3 bn takeover of CSC. It abandoned the attempt earlier this month.
