Sarah Townsend
Pradera Lateral, a joint venture formed at the end of last year between shopping centre management specialist Pradera and retail developer Lateral Property, has been chosen to manage the Greater Manchester mall.
Pradera Lateral was appointed by Trafford Centre owner, Canadian pension fund CPP Investments, following a competitive tender process and starts its role with immediate effect.
CPP acquired the 2.2m sq ft shopping centre in December through its wholly owned subsidiary CPPIB Credit Investments, by exercising share rights as the main secured creditor of the asset’s former owner, Intu Trafford Centre Group – whose parent Intu Properties went into administration last summer.
Dan Whelan
The company in charge of the 340,000 sq ft leisure and retail complex at the Trafford Centre is in talks with several parties interested in buying the asset after it was put on the market last year.
The directors of Barton Square Limited, part of the wider Trafford Centre group of companies that took over the running of the mall when its previous owner Intu Properties collapsed last year, confirmed they had been approached by numerous bidders looking to acquire the complex.
Savills was appointed as the agent for Barton Square in November and it is understood that bids in excess of £50m are being sought.
Sarah Townsend
Canada Pension Plan Investment Board, which trades as CPP Investments, has scooped up the mall’s ownership by exercising share rights as the main secured creditor of the asset’s owner, Intu Trafford Centre Group.
CPP has acquired the 2.2m sq ft shopping centre in Trafford, Greater Manchester, through its wholly owned subsidiary CPPIB Credit Investments.
The value of the deal was not disclosed due to its nature as a share right exercise but is thought to be around £800m – significantly below the Trafford Centre’s last valuation of £1.2bn before its owner Intu Properties collapsed into administration in June.
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