It has been announced today that a Canadian property investment company has become the new owner of the Trafford Centre.
Canada Pension Plan Investment Board (CPP Investments) – which is headquartered in Toronto and is a well-established investor in UK shopping centres, with specialist experience of owning large scale retail assets – has acquired ownership of the shopping centre after failing to find an alternative buyer upon previous owner Intu collapsing into administration back in June.
No price has been revealed, but it is understood to be in the region of £800 million, which is less than the £1.3 billion valuation quoted in August this year.
Last month, it was announced that Manchester-based CBRE Group and international firm Savills had been appointed “to manage the centre and day to day operations” of the mall, but now CPPIB – through its wholly owned subsidiary CPPIB Credit Investments Inc (CPPIB Credit) – has acquired sole ownership.
In 2017, CPPIB provided a £250 million loan to Intu to secure against its prime asset.
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But this was not enough to save the shopping centre giant after it was hit hard due to the coronavirus (COVID-19) pandemic – with many of its retail tenants going out of business or unable to pay rent – before it collapsed into administration under the weight of £5 billion in debt.
Intu’s ongoing economic struggles also came as value of shopping centres has fallen dramatically against the backdrop of consumers’ increasing preference for online retail.
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Despite this, the new owners remain hopeful for the centre’s long-term prospects.
As part of its new ownership plan, CPPIB says it will also “evaluate the Trafford Centre’s complex capital structure to ensure it supports the return to long-term viability.”
Speaking on the acquisition, Geoff Souter – Managing Director and Head of Real Assets Credit at CPPIB Credit – said: “The Trafford Centre is one of the UK’s top five shopping centres, welcoming more than 30 million shoppers annually, and counts many leading global retailers among its occupiers.
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“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.
“An immediate priority is to support the Trafford Centre’s management, ensuring continued optimal operation of the Trafford Centre, and to appoint a long-term expert operating partner.”
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No trams to run on major Metrolink line as ‘essential’ work to repair Victorian-era tunnel starts this weekend
Emily Sergeant
Travel disruption is expected across the next couple of weeks as ‘essential engineering’ work begins on a major Metrolink line.
Transport for Greater Manchester (TfGM) has confirmed that a reduced service will run on the Bury line this weekend, as work to replace ‘defective’ beams supporting the roof at Whitefield Tunnel means that no trams will run between Crumpsall and Bury on Saturday (10 May), or between Whitefield and Bury on Sunday (11 May).
Some weekend and overnight working is said to be ‘necessary’ to secure and protect the overhead line equipment, so that the beam replacement work can be completed as ‘safely and quickly as possible’, according to TfGM.
A crane is planned to be in use for the beam replacement work at times.
Closures on the line from this weekend come after the successful completion of preparatory work at the site, following the discovery of a defective beam.
No trams will run on a major Metrolink line as ‘essential’ work to repair Victorian-era tunnel starts this weekend / Credit: TfGM
As well as the suspension on services this weekend, as mentioned above, several other chances throughout this month and into the next on the Bury line are also to be expected.
No tram services will operate between Crumpsall and Bury on Sunday 25 May, and no again from Friday 30 May to Sunday 1 June, while no trams will run between Whitefield and Bury from Monday 26 to Thursday 29 May.
For the duration of all closures, replacement bus services will run between the affected stops on all the above dates.
Any so-called ‘noisier’ work is set to take place during daytime and evening working hours where possible, and several noise reduction measures – such as acoustic blankets and enclosures – also to be put in place during this.
Essential upgrade work to protect the historic Whitefield Tunnel means no trams will run between Crumpsall–Bury (Sat 10 May) and Whitefield–Bury (Sun 11 May).
We're replacing a defective beam to keep the line safe and reliable.
As always, the Greater Manchester public is being advised to ‘plan ahead’ if they are travelling.
“Whitefield Tunnel dates back to the 19th century,” explained Ian Davies, who is TfGM’s Network Director for Metrolink, “and this essential work will ensure tram services can continue to safely pass through it for decades to come.
“This is a complex job, but we will do everything we can to minimise disruption to passengers, residents and businesses.”
He added: “I would encourage people who use the Bury line to plan ahead and check the Bee Network website, app, and social media channels for the most up-to-date travel information.”
AO Arena to host huge Europa League Final fan zone after Manchester United victory
Daisy Jackson
Manchester’s legendary AO Arena will once again host an almighty football fan zone later this year, welcoming in fans for the Europa League Final.
The huge venue previously hosted a Road to Victory fan zone for the Euros, and is now ready to replicate all the atmosphere and excitement of the beautiful game once again.
This time it’s in honour of Manchester United, who romped their way into the Europa League Final this evening with a spectacular 4-1 victory.
The Red Devils will be heading to San Mamés in Bilbao in Spain on 21 May 2025, and you’ll be able to watch all the action right here at home in Manchester.
The AO Arena Europa League Final Screening & Fan Zone will be presented by Red Square.
There’ll be space for thousands upon thousands of football fans who’ll be able to watch United (hopefully) take home a nice bit of silverwear.
And, of course, a spot in the UEFA Champions League.
The event says: “Get ready to immerse yourself in the electrifying atmosphere of the Europa Cup Final, presented by Red Square.
“Join us for an unforgettable event as we bring together passionate Manchester United fans for the largest indoor fan park extravaganza ever witnessed!
“MANCHESTER UNITED head to the Europa league final on Wednesday 21st May – Secure your tickets now!”
The Europa League Final Screening & Fan Zone will be at the AO Arena on 21 May – grab your spot HERE.
The Manc -
16th December 2020 
