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Hammerson has struck a deal to acquire rival shopping centre owner Intu Properties, which owns the Trafford Shopping Centre in Manchester, for 拢3.4bn.

The agreed takeover will create a 拢21bn company, which will operate under the retail property developer鈥檚 name and be led by the firm鈥檚 chief executive David Atkins and chief financial officer Timon Drakesmith.

Hammerson, which is currently undertaking a 拢1.4bn revamp of its Brent Cross Shopping Centre (pictured), said the enlarged group  planned to target Ireland and Spain as potential growth areas.

For each Intu share they own Intu investors will receive 0.475 Hammerson shares. The deal will result in Hammerson stockholders owning 55% of the new group, Intu shareholders 45%.

Annual cost savings of around 拢25m will kick in two years after the takeover completes, subject to shareholder approval, while one-off integration costs will amount to approximately 拢40m.

Hammerson said it was planning at least 拢2bn of disposals as part of a rationalisation programmed of the combined firm鈥檚 portfolio.

Speaking about the deal John Strachan, chairman of Intu and a proposed senior independent director of the enlarged group, said it would present 鈥渁 highly attractive proposition for retailers and shoppers in Europe鈥檚 leading cities鈥�.

Hammerson chairman David Tyler agreed, noting the combined entity would be 鈥渨ell-placed to take advantage of higher growth opportunities on a pan-European scale鈥�.