Simon Property Group says bids for Capital Shopping Centres

15th December 2010, Comments 0 comments

Simon Property Group, the largest public US real estate company, said Wednesday that it has offered to buy Britain's Capital Shopping Centres for almost 3.0 billion pounds.

The US group said in a statement that it has made an informal approach to buy the CSC for 425 pence per share, valuing the firm at 2.9 billion pounds (3.4 billion euros, 4.6 billion dollars).

CSC was not available for comment.

CSC's portfolio of properties includes Lakeside shopping centre at Thurrock in southeastern England and the MetroCentre complex at Gateshead in the north.

Simon Property, which already owns a 5.6 percent stake in CSC, warned that its proposal was conditional on CSC not completing its planned purchase of Manchester's Trafford Centre.

In an open letter to the board of CSC, Simon Property chairman and chief executive David Simon said he was keen to work towards a friendly deal.

"We believe that we should work together to announce a recommended offer," he wrote in the letter.

© 2010 AFP

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