Their current key projects include advising Manchester Airport Group (MAG) on the development of Airport City and Stockport MBC on the regeneration and management of Stockport Exchange. Peel Holdings confirmed it … Intu Properties is warning that its malls may have to shut their doors if it calls in administrators. shop. 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The centre was sold in 2011 to Capital Shopping Centres (now Intu) for £1.6 billion, making it the largest property acquisition in British history and the biggest European property deal of 2011. centre map. Whether you're travelling by bus, car, train, bike or on foot – getting here is easier than ever. But is Bury businessman John Whittaker now ready to be the man who saves the sprawling mall from closure, and give up another large slice of his fortune in … The new change in management is a move which centre chiefs say is a "new chapter" for the popular site, while promising shoppers it will continue to offer visitors an "unrivalled experience" . Trafford Centre owner Intu has collapsed into administration, after failing to secure its future during crunch talks with lenders. Intu, which has debts of more than £4.5bn, confirmed last month it was seeking debt standstill agreements with some of its lenders as it battles for … “The Trafford Centre is one of the U.K.’s top five shopping centres, welcoming more than 30 million shoppers annually, and counts many leading global retailers among its occupiers,” Geoff Souter, Managing Director, Head of Real Assets Credit, CPPIB Credit said. The mammoth mall opened its doors to much accolade in 1998 - the largest shopping centre in the UK at the time of its reveal. The firm, which owns the Trafford Centre, the Lakeside complex, and Braehead, said earlier it had not reached an agreement in financial restructuring talks with its lenders. In June 2020, intu was placed into administration and a sale process was initiated for the Trafford Centre, however no viable bids were received. At September 30, 2020, the Fund totalled C$456.7 billion. People have been urged to avoid the area. While bosses have today revealed that Manchester based CBRE Group and international firm Savills will now take over as the new managers for the centre with immediate effect, to "manage the centre and day to day operations.". In 2017, CPPIB Credit provided a £250 million facility to Intu Trafford Centre Group (UK) Limited (ITCG), a subsidiary of intu properties plc (intu) and the indirect owner of the Trafford Centre, which was secured by the equity interest in the Trafford Centre. London, U.K. (December 16, 2020) – Canada Pension Plan Investment Board (CPP Investments), through its wholly owned subsidiary CPPIB Credit Investments Inc (CPPIB Credit), has acquired the ownership of prime shopping centre, the Trafford Centre in Manchester, U.K. It is understood they will retain ownership. KPMG was appointed in June after Intu failed to strike a deal with lenders. CPP Investments is a well-established investor in UK shopping centres with specialist experience of owning large scale retail assets. Westfield Stratford City, Stratford London. However its fortunes changed, as more shop units emptied as high street retailers struggled to compete with the online marketplace. Steve McCool When you visit our website, it may store information through your browser from specific services, usually in form of cookies. 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The Intu Trafford Centre is being sold off for £1.3bn in a bid to rescue it from permanent closure and save thousands of jobs. Our purpose is to help provide a foundation upon which 20 million Canadians build their financial security in retirement. Sergio Aguero said goodbye to Manchester City with two goals in his final Premier League appearance. Coronavirus: Lakeside-owner Intu to lay bare scale of retail rent crisis. Intu has appointed KPMG to prepare a contingency plan for administration and has warned shoppers the famous Trafford Centre might be forced to close, the Manchester Evening News reports. The National Communities Resource Centre (NCRC) was launched in 1991 and is based at Trafford Hall in Cheshire. How many people are currently in hospital with coronavirus in the UK? Welcome to The Trafford Centre, the world-renowned shopping and leisure destination where you'll always find must-have brands, high street favourites, delicious food and exciting leisure all under one spectacular roof. Helping create retirement security for generations of Canadians. The Trafford Centre in Greater Manchester has been sold to Capital Shopping Centres (CSC), which already owns 13 shopping centres across the UK. [:en] At CPP Investments, we respect the privacy of your personal data. Intu, which owns Essex’s Lakeside shopping centre, the Metrocentre in Gateshead, and the Trafford Centre in Manchester, previously said that it was seeking an 18-month standstill agreement, warning that it could breach debt agreements by July due to coronavirus-related disruption. The news comes after the 207,000 square metre complex was on the brink of closure after previous owners Intu tumbled into administration in June after struggling with £5bn debts. ". Jim Tucker, David Pike and Mike Pink were appointed Joint Administrators of Intu Properties Plc and took over ownership of the centre, with an agreement to keep it open throughout the administration process. The Trafford Centre has confirmed it is no longer part of the Intu brand and is under new management. Bosses have also confirmed that "the centre will continue to run as normal under new management" - however at the moment under the new lockdown, there are just a small number of essential shops that remain open. Your information will be used in accordance with our, The rise and fall of the Trafford Centre... 22 years of an iconic attraction now facing closure, Does the Trafford Centre really have a 'secret' extra floor? All of their centres will now come under one roof to create a £21 billion giant. “While conditions for retail in 2020 have been very challenging, we are able to take a long-term view and believe that, with strategic management and investment, the Trafford Centre has strong prospects. Director, Corporate Communications Nevertheless, the Trafford Centre was granted full planning permission in 1993 - a decision which was again challenged by the consortium, this time in the high courts. The Trafford Centre is reportedly set to be put up for sale, which is sure to attract the attention of John Whittaker, founder of Manchester-based property giant … Equity One was later acquired by Regency Centers Corporation. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. The CBRE Group are an American commercial real estate services and investment firm with 130 property specialists across Manchester and Liverpool. A new management team will take over the iconic Greater Manchester shopping mall, Don't miss a thing by getting the day's biggest stories sent direct to your inbox. CBRE were also appointed to market the site ahead of auction. In order to build diversified portfolios of assets, investments in public equities, private equities, real estate, infrastructure and fixed income are made by CPP Investments. Metrocentre, Gateshead Newcastle upon Tyne. As one of the UK’s best-known and most iconic retail and leisure destinations, the centre will continue to offer visitors an unrivalled experience.”. Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that invests around the world in the best interests of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. CBRE and PJT Partners will work closely with the directors of the special purpose vehicle that owns and manages the Trafford Centre, as well as the property’s lenders and administrators, to maximise value for the asset. +44 7780 224 245 You have read and agreed to our privacy policy, CPP Investments acquires the ownership of the Trafford Centre, veuillez consulter notre politique de protection des renseignements personnels. Trafford Centre was last valued publicly by Intu at close to £1.7 billion, but analysts expect it to be sold for at least 20 per cent less than the original price. The group, which owns Lakeside in Thurrock, … The owners of the Trafford Centre say it may be forced to close after appointing KPMG to prepare a contingency plan for administration. Diners claim the altercation took place after one of the restaurant's bouncers approached a male customer. Listed below are the UK’s largest shopping malls (largest at top of list), and the name of their current owners. THE owner of Lakeside and the Trafford Centre shopping centres has collapsed into administration after failed talks with lenders. At The National Communities Resource Centre at Trafford Hall, our mission is to close the inequality gap that exists in communities across the UK by providing training, support and resources for those people living in the lowest-income neighbourhoods. As well as Intu Braehead, Intu owns Lakeside and the Trafford Centre in Mancheste r while Hammerson owns Birmingham's Bullring, Bicester Village and Brent Cross shopping centre. Peel will hold a 15 per cent stake in the enlarged group upon completion and its founder John Whittaker will become deputy chairman.
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