Trafford Centre bought by Canadian property investor
CPPIB, headquartered in Toronto, has taken control of the shopping centre
Updated
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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
Winnipeg Free Press By: The Canadian Press
TORONTO - Canada Pension Plan Investment Board has acquired the Trafford Centre in Britain after the shopping mall s owner failed to find a buyer.
TORONTO - Canada Pension Plan Investment Board has acquired the Trafford Centre in Britain after the shopping mall s owner failed to find a buyer.
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The mall was placed under protection from creditors earlier this year.
Intu Properties, the mall s owner, put the Manchester mall up for sale after it was placed into administration in June, but no viable bids were made for the property.
As the principal secured creditor, CPPIB Credit exercised its rights to acquire ownership of the mall.