Manchester's Trafford Centre taken over by CPPIB

December 17, 2020 03:58 PM CET | By Team Kalkine Media

 

One of the UK’s biggest shopping malls, the Trafford Centre in Manchester has been taken over by its lenders after its management failed to sell it. The mall was owned by Intu Properties, which has gone into administration in June this year.

  • Trafford Centre will now be handled by Canada’s biggest pension fund, the Canada Pension Plan Investment Board (CPPIB).
  • CPPIB was the main lenders of Intu Properties as it had lent the company £250 million three years ago against the Trafford Centre.
  • Once Intu Properties slid into administration in June this year with debt of around £5 billion, a sale process was initiated.
  • The shopping mall, one of the UK’s top five shopping centres, was deeply impacted by the coronavirus pandemic, with many of its retail shop owners going bust or unable to pay their rent.
  • The Trafford Centre and Intu’s other 16 shopping centres have escaped the insolvency process and now are under new management.
  • It is worth noting that the Canada Pension Plan Investment Board is one of the major investors in UK shopping centres space and has earlier invested in London’s Westfield Stratford, Grand Central and Birmingham’s Bullring.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Sponsored Articles