(Reuters) - Dutch pension fund APG Asset Management said on Friday it will vote against the Hammerson Plc acquisition of shopping centre operator Intu Properties Plc if the company tables the deal for approval at its shareholder meeting.

APG is the second largest shareholder of Hammerson with a 7.1 percent stake, according to Thomson Reuters Eikon data.

In a public letter to Hammerson, APG said that although it had an active dialogue with the company and had considered information that was shared, that had not changed its view that the share offer was "insufficiently attractive" for Hammerson shareholders.

"We believe that the proposed acquisition will significantly dilute Hammerson's high quality portfolio," APG added.

Hammerson's proposed share ratio of 0.475 new Hammerson shares for every Intu share did not consider UK retail environment risks, increased financial leverage and execution risks for the proposed strategy on acquiring Intu, APG said.

Ever since Hammerson's deal with Intu was announced, it has been met by scepticism from Hammerson investors as it increased the company's already high exposure to a squeezed UK retail sector.

APG's letter comes on the same day that French shopping centre operator Klepierre (>> Klépierre) abandoned a 5 billion pound bid for Hammerson.

Klepierre accused the British property company of failing to provide "meaningful engagement" over a potential deal.

Hammerson and Intu were not immediately available for comment outside regular business hours.

(Reporting by Sangameswaran S in Bengaluru)