CSC in record Trafford Centre deal

Capital Shopping Centres (CSC) has sealed the UK's largest ever property transaction after shareholders backed its £1.6bn acquisition of Manchester’s Trafford Centre.

CSC, which owns Lakeside, is acquiring The Trafford Centre in an all-share transaction with Peel Holdings in a deal sealed at an emergency general meeting last month.

This is despite opposition from a number of investors, including Simon Property Group, a 5% shareholder, which launched a failed takeover bid for CSC. Simon, one of America’s largest property companies, said it “continues to have concerns” about the deal for the Manchester shopping centre, telegraph.co.uk reported.

However, CSC chairman Patrick Burgess, said he was delighted by the “overwhelming support” from shareholders for the acquisition.

“[The Trafford Centre] will strengthen CSC’s position as the leading operator of pre-eminent UK regional shopping centres,” he added.