News

The Trafford Centre has been bought by Canadian property investors CPPIB

Canada Pension Plan Investment Board (CPP Investments) has acquired sole ownership from Intu.

The Manc The Manc - 16th December 2020
Adrien Welch

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.”

News

A literacy charity is making its way to Manchester bringing lots of FREE books

Thomas Melia Thomas Melia

A charity dedicated to literacy is coming to Manchester in May providing families and individuals with plenty of free books.

Led by Bookbanks, this London-founded organisation was set up in line with food banks to provide people with access to free books and now they’re coming all the way to Manchester.

This charity started in 2022 all thanks to writer and journalist Emily Rhodes, who has read her fair share of books and wants to give this privilege to anyone who might not be able to get their hands on any.

The charity has seen widespread positive reception quickly expanding into Norfolk and is now partnering with various food banks in Manchester, marking the organisation’s first Northern venture.

Bookbanks gives out an average of 30 books per week, per site and has distributed over 5,000 books so far at food banks.

Crates being organised in Manchester food bank.
Crates being organised in Manchester food bank.
Credit: Publicity Picture (via Supplied)

Titled Bookbanks after the fact that they work very closely with food banks to provide books far and wide to food banks across the UK, they also host a range of interactive events.

Alongside all the fantastic work the team do, there’s a handful of free workshops and author events on offer for all ages and backgrounds, to further build the connection between people and their books.

Currently, there are two famous figures backing this book-based charity, Elizabeth Day and Andrew O’Hagan, both of which are no stranger to a pen and paper.

Day is an award-winning author who has written nine fiction and non-fiction books to date, while O’Hagan is Booker Prize nominated and is London Review of Books’ Editor-at-Large.

Bookbanks relies on the general public to spread their message further and there’s even a section on their website detailing how you can get involved to continue distributing books within food banks.

One of Bookbank's many free author events, some of which will hopefully take place in Manchester.
One of Bookbank’s many free author events, some of which will hopefully take place in Manchester.
Credit: Publicity Picture (via Supplied)

Whether you’re an avid runner or keen to try something new why not raise money for and be sponsored by Bookbanks, knowing you’ve done your bit to bring books to those who need them most.

If you don’t fancy lacing up those trainers and heading out for a run, why not donate any old books you’ve finished reading to this book-focused charity and allow others to discover a whole new world of reading.

Read more:

Bookbanks first official Manchester site will launch on Friday 2 May at Manchester Central Food bank and a second site is already in talks at Greater Together Manchester’s Social Supermarket in Miles Platting.

To find out more ways to get involved as a company, publisher, member of public and more, you can find all information on their official site HERE.

Featured Image: Publicity Picture via Annabelle Williams

News

Touching tribute paid to man and his dog who died together in fatal collision

Daisy Jackson Daisy Jackson Touching tribute paid to man and his dog who died together in fatal collision

The family of a man who was killed in a fatal collision last month, alongside his beloved dog, have paid tribute to him.

Andrew Old, 61, had been walking along Greenwood Road in Wythenshawe when he was struck by a vehicle that had been involved in a collision.

He had been waking his ‘lovely’ dog, Liddy, who also died at the scene.

Emergency services rushed to the scene on Sunday 9 March but tragically both Andrew and his beloved pet passed away.

Paying tribute to him, Andrew’s family said: “Andrew was our happy go lucky brother and he is so sadly missed by us all.

“We miss his smiles, his laughter, his jokes and his hourly phone calls.

“Words cannot describe the shock and disbelief that we feel due to the loss of Andrew, we are absolutely devastated.

“Andrew tragically died only metres from his home, whilst walking his lovely dog Liddy.

“The only solace we have is that Andrew and Liddy were not alone at such a horrific time and that they were together. Andrew and Liddy will always be in our hearts.”

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Featured image: GMP

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