Linklaters, Kirkland & Ellis, Baker McKenzie and Travers Smith have all been drafted in to advise as as a consortium of investors mulls a possible multibillion-pound takeover of shopping centre owner Intu Properties.

Intu owns or part-owns 18 shopping centres across the UK, including two of Europe's biggest – Manchester's Trafford Centre and the Metrocentre in Gateshead.

Yesterday, investment firm Peel Group – which already owns a 27% stake in Intu – said a consortium also including Saudi-based investor Olayan Group and Canadian investment giant Brookfield was considering an offer for Intu, which the stock market currently values at about £2.5bn – adding that the offer is "at a preliminary and exploratory stage", and that "no approach has been made to the board of Intu".

Linklaters is advising Intu, fielding a team led by corporate partners Iain Wagstaff and William Buckley, while Travers is acting for longstanding client Peel Group, led by corporate finance head Neal Watson and M&A partner Philip Cheveley. 

Bakers is advising Olayan with corporate finance partners Helen Bradley – who heads the department – and James Thompson leading the firm's team, while Kirkland is acting for Brookfield, fielding corporate partners Matthew Elliott and Mark Thompson.

The potential takeover follows a £3.4bn bid for Intu by property investor and Bullring owner Hammerson earlier this year, in a deal that could have created one of the country's largest property companies, worth about £21bn. The deal, however, fell through after Hammerson withdrew. Linklaters advised Intu while HSF took the lead role for longstanding client Hammerson.

In 2010, both Travers and Linklaters secured roles advising on the £1.6bn sale of the Trafford Centre, with Travers again taking the lead for sellers Peel Group and Linklaters advising Capital Shopping Centres Group, again led by Buckley.

Under the Takeover Code, now that the consortium has confirmed its intentions it has 28 days in which to make a formal offer, or else walk away.