PROPERTY group Hammerson has launched a rival bid for retail warehouse specialist Grantchester, valuing the group at £192m.

Hammerson said the 250p-a-share offer was 14.7 per cent higher than a management buyout deal, launched last month.

The management bid, led by Grantchester chairman Nick Hewson and backed by a subsidiary of Bank of Scotland, values the firm at 218p-a-share or £168m.

Grantchester owns 18 retail parks in the UK, including Skipper's Lane retail park, in Middlesbrough, and Mercia retail park, in Pity Me, Durham.

Hammerson chairman Ronald Spinney said if the group bought Grantchester, the buy would tie in with the group's strategy of making further acquisitions of retail parks.

"Grantchester has one of the most attractive portfolios in the sector and there are synergies with our existing retail assets," he said.

Hammerson added that demand had been increasing for retail parks, as retailers which had traditionally traded on the high street sought to increase their presence in out-of-town sites. It said tight planning restrictions were limiting the number of new parks created and it believed retail parks would show good rental and capital growth over the next few years.

Last month the group made its first investment in the large out-of-town retail park sector, buying Parc Fforestfach in Swansea for £58m.

Hammerson has interests in 23 major shopping centres and retail properties in the UK, France and Germany, as well as investments in office sites.