Intu Properties in advance talks over Merry Hill acquisition

Intu Properties has confirmed it is in advanced discussions with Australia's Queensland Investment Corporation regarding the potential acquisition of its 50% interest in the Intu Merry Hill shopping centre in the West Midlands.

The company said that if the deal were to go through, the consideration is likely to be around £410m and would be funded through new debt and existing resources.

“Whilst discussions are ongoing, there can be no certainty that any transaction will be undertaken,” Intu said, adding that a further announcement will be made if and when appropriate.

At 0915 BST, shares were down 0.9% to 286.60p.