Intu Victoria Centre taken over by new management
Global Mutual has been appointed asset manager of Intu Victoria Centre in a deal that gives one of the UK’s busiest shopping destinations a new lease of life.
The company has also formally taken on the role of asset manager of Intu Watford and will add Intu Lakeside and Essex and Intu Braehead in Scotland to its portfolio in the coming weeks.
All four shopping centres are part of Intu SGS, a special purpose property company which was not included in Intu’s administration process.
International real estate advisor Savills has been appointed as property manager for the four centres.
Intu Properties plc collapsed into administration in June after failing to come to an agreement with its lenders. Administrators from KPMG were called in to assess options for the group’s assets, however the property companies that own its shopping centres were left outside of the insolvency.
The malls have stayed open during the process but challenges brought by the coronavirus pandemic led to the departure of major tenants. Intu Watford, for example, lost both John Lewis and Debenhams during the summer, although Next has opened a new beauty store in the former Debenhams store and Primark has committed to a new lease.
Intu Victoria Centre has also continued to perform well, with all 120 stores open and trading. Steve Gray, head of european retail asset management at Global Mutual, commented: “The resilience of Intu Victoria Centre despite the challenges presented by Covid highlights the enduring attractiveness of flagship retail and leisure destinations to both tenants and visitors.
Supported by Intu, our team on site has done a fantastic job, particularly over the past few months in keeping everyone safe. This performance, combined with the financial stability we now have, gives us great confidence in the centre’s future prospects.”
Jim Tucker, who is a partner at KPMG and joint administrator of intu Properties plc, added: “To date, nine intu centres have successfully migrated to new management.
I would like to thank everyone involved in intu Victoria Centre’s migration for their hard work and dedication which has ensured a smooth and orderly process. We wish the intu Victoria Centre team all the very best for the future.”
Last week it was announced that Intu Potteries in Stoke-on-Trent has been taken over by MAPP while Intu Derby centre is now controlled by a firm backed by the London-based Kuwait Investment Office.
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