CSC hits back in Simon spat
Published: 08 December, 2010
Capital Shopping Centres has responded to Simon Property Group's attack on its Trafford Centre purchase
In a Stock Exchange announcement, CSC said: “CSC has not received any indicative offer from SPG. In light of this, the Board, mindful of its fiduciary duties, continues to believe that it is not appropriate to provide SPG with the non-public due diligence information it has requested.”
And it added: “The Board believes that the Trafford Centre acquisition is a compelling transaction of significant benefit for CSC shareholders. The acquisition is consistent with CSC’s objective post-demerger of creating a pure, high quality UK regional shopping centre REIT which is attractive to investors and vendors of assets. The Board is confident that CSC’s portfolio, built up over 30 years and enhanced by the acquisition of the Trafford Centre, will deliver outstanding shareholder returns as the property sector continues to recover.”
