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Simon Property asks Citigroup to advise on £3.5bn CSC bid

The Telegraph
CSC owns Lakeside shopping centre

CSC owns Lakeside shopping centre


The move indicates the US company is moving closer to tabling a formal offer for CSC, formerly part of Liberty International.



Simon Property, which owns a 5.6pc stake, is also understood to be talking to other banks about potential debt financing for the deal.

Last week, it emerged that CSC, owner of the Lakeside and Merocentre shopping centres, had agreed to buy Manchester's Trafford Centre from Peel Holdings, which is led by the billionaire John Whittaker. The terms of the deal will see Peel receive £750m of shares and convertible bonds, and CSC take on £850m of debt and other liabilities. Peel will own 19.9pc of CSC after the sale, which will rise to 24.9pc if it converts the bonds, making it the FTSE 100 company's biggest investor. Mr Whittaker will also become deputy chairman of the group, which has listings in London and Johannesburg.


Source



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