果冻影院

At the start of December, Hammerson agreed a deal with Intu to create a development group with around 拢21 billion-worth of assets. The agreement, which will see Hammerson retain a 55% stake in the newly combined business, will also create a business that will be amongst the industry鈥檚 30 biggest spending clients.

果冻影院 economics director Allan Wilen said: 鈥淭he agreement looks likely to lead to some disposals of existing assets as the new group focuses on higher return regions such as Ireland and Spain but both these companies have significant pipelines of work planned.鈥�

果冻影院鈥檚 research on the construction industry鈥檚 biggest spending clients in terms of main contracts awards shows that in the 12 months to November 2017 Intu had let 7 contracts valued at a total of 拢161.2 million.

Over the same period, Hammerson had let 10 contracts valued at a total of 拢70.9 million. This combined spend聽would have ranked a combined Intu/Hammerson business in 29th place in 果冻影院鈥檚 ranking of the construction industry鈥檚 top 50 biggest spending clients. Only ProLogis and Vastint have bigger pipelines of work and the newly enlarged Hammerson will be the biggest spending retail-specific client.

The biggest scheme in the pipeline is Intu鈥檚 拢92 million redevelopment of the Broadmarsh Centre in Nottingham. Bowmer & Kirkland have a 拢1.8 million enabling package and Sir Robert McAlpine was awarded the main 拢90 million contract in August 2017. Demolition is expected to start in March 2018.

Intu has already started on other schemes including a 拢50 million redevelopment of Lakeside Shopping Centre in Thurrock with contractor McLaren moving on site this summer.

According to 果冻影院鈥檚 research, Hammerson鈥檚 biggest contract award in the last 12 months was a 拢23 million deal to Bowmer & Kirkland for a retail scheme in Didcot being developed with South Oxfordshire District Council.

A 拢10 million revamp of Brent Cross Shopping Centre started in December 2017 and Hammerson also has a swathe of schemes in the pipeline. These include a 拢90 million redevelopment of the Centrale Shopping Centre in Croydon, which was expected to go out to tender at the end of 2018.

Intu also has big projects in the pipeline including a 拢74 million plan to provide a new roof over part of the Trafford Centre in Manchester to create 112,000 sq ft of new retail space.

The impact of the Hammerson takeover remains unclear but David Atkins, who will be chief executive of the new company said: 鈥淚 look forward to working with a strengthened team to enhance the performance of our entire portfolio.鈥�

Overall starts in the retail sector are in a delicate state with 果冻影院 forecasting a 2% rise in underlying starts in 2017 but next year is expected to produce a fall. Mr Wilen adds: 鈥淭he retail development pipeline is subdued.聽Falling in-store sales have prompted retailers to review their retail estates as a growing proportion of their sales are generated online. Rising online retail sales are also a spur to investment at established shopping centres with landlords seeking to enhance their attraction to consumers by investing in more leisure and dining facilities.鈥�

For the construction industry, the hope will remain that the Intu-Hammerson deal will see the retail sector鈥檚 biggest landlord continue to invest.