Canada Pension Plan Investment Board Takes Over Distressed Trafford Centre
Posted on 12/16/2020
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 center, the Trafford Centre in Manchester, U.K. The Trafford Centre is one of the U.K.’s top five shopping centres. CPP Investments is a well-established investor in U.K. shopping centers with specialist experience of owning large scale retail assets.
According to the press release, “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. In June 2020, intu was placed into administration and a sale process was initiated for the Trafford Centre, however no viable bids were received. As the principal sec
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Phil Noble/Reuters
The Canada Pension Plan Investment Board has taken over one of Britain’s largest shopping malls after it failed to sell as part of a bankruptcy-protection process.
The CPPIB said Wednesday that it has acquired the Trafford Centre in Manchester. The mall was among 17 British shopping centres owned by Intu Properties PLC, which filed for court protection from creditors last June after piling up £4.5-billion ($7.75-billion) in debt.
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