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.
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.
Wikimedia Commons
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.
“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.”
News
Manchester is working to make residents with terminal illnesses exempt from paying council tax
Emily Sergeant
Manchester is aiming to become one of the UK’s major cities to exempt its residents with terminal illnesses from paying council tax.
After Marie Curie’s recent ‘Dying in Poverty’ report found that around 42% of working age and 30% of pension-age residents in Manchester die while living in financial hardship, Manchester City Council has announced that it’ll be working together with the UK’s leading end of life charity to ensure that those with terminal illnesses become exempt from paying council tax.
The Council says addressing this ‘profoundly important issue’ is at the heart of a larger plan to support the most vulnerable residents in Manchester.
New proposals set out a plan for the Council to change its Discretionary Council Tax Policy (DCTP) to explicitly include a commitment to support people who have been diagnosed with a terminal illness.
To become exempt, clinicians will need to fill out a form to confirm that a person has a progressive disease, and consequently is expected to pass away within a 12-month period.
Manchester is working to make residents with terminal illnesses exempt from paying council tax / Credit: gov.uk
Using DCTP, the Council will then make up the difference of any shortfall in council tax, so that in any situation where a member of the household qualifies – whether an adult, child or non-dependant – the household will have nothing to pay.
The support will then apply to the household’s council tax bill until the date of the persons death.
The Council will also be working to ensure that a ‘tell us once’ protocol is in place so that, in the event of a claimant’s passing, no undue burden will fall upon their family, and steps will also be in place to retain the discount for the remainder of the financial year to provide additional support for the passed person’s family.
Once delivered, it’s estimated that this scheme could support around 175 residents in Manchester – the majority of which would be of working age.
A new policy will ensure that people living will a terminal illness will no longer have to pay Council Tax. This is part of the Council’s wider aim to prevent people slipping into poverty, and support our city’s most vulnerable residents.
— Manchester City Council (@ManCityCouncil) June 25, 2025
“The moment when you or your family member gets the devastating news of terminal illness is heartbreaking,” commented Manchester City Council leader, Cllr Bev Craig, as the plans were announced this week.
“The last thing you need to worry about is money and bills, but we know for too many people it takes up too much time and stress.
“Too many people are living in poverty in our city… and that’s why we are exempting people with a terminal illness from council tax, alongside a wider package of support with the cost of living, doing everything in our power to ensure families have one less thing to worry about during such a difficult time.
“We want to thank Marie Curie for their vital work, and as a Council want to do all we can to ease the burden at the end of someone’s life.”
Featured Image – Stephen Andrews (via Unsplash)
News
Hotspur Press to be part-demolished following catastrophic fire
Daisy Jackson
Manchester’s historic Hotspur Press will be partially demolished following the fire that tore through the building earlier this week.
A spokesperson for Greater Manchester Fire and Rescue Service said that part of the centuries-old mill would need to be pulled down to enable safe firefighting.
The Hotspur Press building stands just off Whitworth Street West behind Oxford Road train station, and previously operated as a printing press.
It later became a home for artist studios and creative spaces until officially becoming derelict in the late 2010s.
Despite standing empty, the magnificent old mill has been an iconic and oft-photographed landmark in Manchester, and one of only a handful left in the city centre.
But that huge fire on Monday evening has gutted the Hotspur Press, and now it will be ‘partially’ demolished.
A spokesperson for Greater Manchester Fire and Rescue Service (GMFRS) said: “Firefighters continue to work hard to bring the fire at Hotspur Press to a safe conclusion. Alongside Manchester City Council, Greater Manchester Police and partners, a decision has now been made to partially demolish the Hotspur Press building over the coming days.
“This is to enable safe firefighting and excavation in areas that are currently inaccessible, mitigating any risk to life. This will also allow safe internal investigations to begin.”
Plans have been in place to turn The Hotspur Press into a student accommodation tower block, which had included a 35-storey student tower built out of the original mill facade.
The Manc has contacted property developers Manner, who own the Hotspur Press site, to see what will happen to the space following the blaze.
The Manc -
16th December 2020 
