Capital Shopping Centres has won support from its shareholders for the £1.6bn purchase of Peel's Trafford Centre.
At an extraordinary general meeting held at 4pm on Wednesday, CSC required 50.01% support for the purchase to proceed and ended up with 82% of the company's shareholders voting in favour of the purchase.
In a statement, Patrick Burgess, chairman of the CSC, said: "I am delighted by the overwhelming support from our shareholders for the acquisition of the Trafford Centre, which is value enhancing for CSC and will strengthen CSC's position as the leading operator of pre-eminent UK regional shopping centres. We are glad to welcome John Whittaker to the Board as Deputy Chairman and look forward to the contribution of his considerable expertise to the Board."
Peel proposes to sell the Trafford Centre to CSC and in turn take a 23.2% stake in the company.