×
1 225
Fashion Jobs
TIMBERLAND
Credit Controller - French Speaking - Timberland
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 15 Hours - Permanent
Permanent · Belfast
ESTÉE LAUDER
Clinique - Consultant - Boots Sedley Place, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Stratford, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Durham - 6 Hours - Permanent
Permanent · Durham
ESTÉE LAUDER
Clinique - Consultant - Boots Londonderry - 11 Hours - Permanent
Permanent · Londonderry
ESTÉE LAUDER
Clinique - Consultant - Boots Kensington, London - 22.5 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 10 Hours - Permanent
Permanent · Belfast
BRAND STABLE LTD
Wholesale Sales Executive
Permanent · LONDON
LAIDBACK LONDON
Digital Marketing Manager
Permanent · HARROW
MARSHALLS
70118-lp Detective
Permanent · Banning
ESTÉE LAUDER
Clinique - Consultant - Boots, Watford - 22.5 Hours - Part Time, Permanent
Permanent · Watford
ESTÉE LAUDER
Tom Ford Beauty - Digital Marketing Executive
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 6 Hours - Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Boots st Albans- 22.5 Hours - Permanent
Permanent · St Albans
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Oxford Street London - 15 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Tom Ford - Business Manager - Fenwick - Bracknell - 37.5 Hours - Full-Time, Permanent
Permanent · Bracknell
ESTÉE LAUDER
Clinique - Consultant - John Lewis, High Wycombe - 16 Hours - Part Time, Permanent
Permanent · High Wycombe
ESTÉE LAUDER
Clinique - Consultant - Moores, Coleraine - 12 Hours - Part Time, Permanent
Permanent · Coleraine
ESTÉE LAUDER
Clinique - Consultant - Boots, Barnstaple - 7.5 Hours - Part-Time, Permanent
Permanent · Barnstaple
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place - 37.5 Hours - Full Time, Permanent
Permanent · London
NIKE
HR Operations Consultant, London
Permanent · London
Advertisements
Published
Dec 17, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Lender takes control of Intu's Trafford Centre after bids fail to meet expectations

Published
Dec 17, 2020

One of the largest shopping malls in the UK, the Trafford Centre in Manchester, has been taken over by its lenders after no bidder offered an acceptable price. 


Trafford Centre


The destination has changed hands as part of the fallout from the Intu Properties failure earlier this year that has seen a number of its prestigious malls moving to new management.

The Canada Pension Plan Investment Board (CPPIB), which is Canada’s biggest pension fund, has taken control of the Trafford Centre after it lent Intu £250 million three years ago with the mall being put up as security for the loan.

While the Trafford Centre has been hit hard by the pandemic this year, in normal circumstances it's one of the most successful retail destinations in Britain with over 30 million visitors last year.

Despite that, the pressure that retail landlords remain under because of the shift to online and the pandemic meant that no bids for the mall were acceptable. It reportedly attracted interest from Frasers Group’s Mike Ashley, from Henderson Park Capital and Morgan Stanley’s property division. But the highest bid of around £900 million, was only a little more than half the £1.7 billin the location was valued at just a year ago.

CPPIB will now work with asset manager Unibail-Rodamco-Westfield to try to turn around the fortunes of the 22-year-old 1.8 million sq ft centre. It had been the first super-mall in Britain when it opened a year before Bluewater made a similar impact in southern Britain.

Other retail landlords have seen the value of their portfolios falling this year with landlord giants British Land, Shafestbury and Landsec all writing down part of their portfolio values.

So does that mean the long-term prospects for the Trafford Centre are weak? Not necessarily. CPPIB’s Geoffrey Souter said: “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.”

And the pension fund seems to have great faith in UK retail generally as it also has investments in other shopping malls around the country, including London’s Westfield Stratford and Birmingham’s Bullring and Grand Central.

Copyright © 2021 FashionNetwork.com All rights reserved.