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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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.
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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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Arrest made after 14-year-old boy found in critical condition on Market Street
Daisy Jackson
An arrest has been made after a teenage boy was found unresponsive on Market Street in Manchester city centre.
Detectives believe that the boy, 14, was approached by seven males who stole a designer jacket from him.
Following the altercation, he went into cardiac arrest and was rushed to hospital in a critical condition.
Thankfully, the teenager is continuing to recover well.
Detectives from Manchester City Centre Criminal Investigation Department confirmed that an 18-year-old male was arrested yesterday, Thursday 20 February.
He has been arrested on suspicion of robbery and remains in police custody.
Detective Inspector Mark Astbury of GMP’s City Centre Criminal Investigation Department, said: “We hope the victim can continue his recovery following what must have been a terrifying ordeal for him.
“Officers are fully investigating all aspects of this shocking incident that has left a man with serious injuries in hospital.
“Our work doesn’t stop here, we are continuing to investigate this incident and information from the public plays an incredibly important role in our investigations and I ask that the community keep talking to us and keep sharing their concerns with us so our teams can act.”
If you have any information, contact GMP 101 or 0161 856 4305 quoting log 2854 of 16/2/25.
Comedy is being prescribed instead of antidepressants as part of UK trials
Emily Sergeant
Trials are currently underway to see if comedy could be an alternative to antidepressants as a way to reduce NHS costs.
UK tech company Craic Health has secured important funding for its ‘comedy on prescription’ project that’s aimed at helping the Government work with the comedy industry, communities, and organisations on comedy-based social prescriptions in the hope that they can solve financial struggles within the NHS.
The groundbreaking scheme uses stand-up shows and workshops to help people who are isolated, lonely, and vulnerable.
Craic believes comedy is an ‘untapped opportunity’ to improve health and wellbeing, and has a goal to make comedy easier to access, so that it can help communities experience its mental health and social benefits.
To achieve this, the company has started trialling Comedy-on-Prescription experiences in the UK – starting in London, with the potential for expansion – which includes things like curated comedy panel game show events and workshops, and general stand-up comedy shows at some of the capital’s world-famous venues.
Comedy is being prescribed instead of antidepressants as part of UK trials / Credit: Wikimedia Commons
“Mental health issues like loneliness, isolation, and stress are more common than ever,” the company explains.
“So much so that it’s projected that by 2030, mental health problems, particularly depression, will be the leading cause of mortality and morbidity globally, [but] in this challenging world, comedy stands out as a universal language that breaks barriers.
“Research shows that comedy and laughter have powerful effects – they bring people together, create positive connections, and make life more enjoyable.”
Craic Health says that social prescribing, of which Comedy-on-Prescription is a part of, is all about inclusivity, which makes it making it suitable for people of all ages, backgrounds, and abilities.
Its focus is on personalised support, tailored to individual needs and preferences.
The Manc -
16th December 2020 
