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.
ADVERTISEMENT
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.
ADVERTISEMENT
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.
ADVERTISEMENT
“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
Tameside police officers hailed ‘absolute heroes’ after saving the life of a seven-year-old girl
Emily Sergeant
Two Tameside police officers have been hailed as “absolute heroes” after saving the life of a seven-year-old little girl.
It comes after emergency services were called to an address in the Greater Manchester borough of Tameside earlier this week (29 November), and found a young girl who was struggling to breath and coughing up blood after choking on a sweet.
Police Constables Aaron Kincaid and James Blundell, from Greater Manchester Police‘s (GMP) Tameside division, were first on the scene.
To the huge relief of the girl’s parents, who were said to be “understandably distressed” and concerned for her welfare, PC Kincaid jumped straight into action and was able to utilise his first aid training to full effect by going on to successfully dislodge the sweet from the youngster’s throat, and then helping to calm her down before the paramedics arrived.
Whilst PC Kincaid looked after the little girl, PC Blundell did “everything he could” to help the parents remain calm.
Paramedics then took over once they arrived, and the young girl was taken to hospital as a precaution.
#NEWS | Tameside officers praised for saving the life of a 7-year-old girl who was choking.
The officers used their first aid training to dislodge the sweet, whilst helping the young girl and parents remain calm until paramedics arrived.
Reflecting on the incident, and hailing his officers “absolute heroes”, Superintendent Mike Walsh, from GMP’s Tameside district, said: “PCs Aaron Kincaid and James Blundell acted without hesitation during the incident, and took control of the situation that they were faced with.
“They deserve every credit for staying calm under extreme pressure and for working together as a team and utilising their training to lifesaving effect, and I’m sure the girl’s parents and family will consider them to be absolute heroes.”
“We’re both glad that we were in the right place at the right time,” PC Kincaid added.
“I have a daughter the same age as the little girl who needed our help, and I cannot tell you how much of a relief it was when she started breathing normally and said she was okay after I had managed to dislodge the sweet.
“The little girl gave me a thank you hug before she went to hospital, but I couldn’t have done what I did without PC Blundell’s assistance, so it was a real team effort.”
Featured Image – GMP
News
Someone has plastered posters advertising ‘authorised drug zones’ all over Manchester city centre
Daisy Jackson
Posters promoting ‘authorised’ drug use and sales have appeared all over Manchester today.
The posters even include Greater Manchester Police and Manchester City Council logos – though, obviously, without the consent of either authority.
The fake posters have also been springing up in other cities, with locals in Leeds spotting them all over the place yesterday.
They read: “Crack and heroin zone. The sale and use of Crack and Heroin is authorised in this area.”
The fake posters have been spotted outside the Central Library and in the Northern Quarter, as well as at locations in other parts of the city.
They were quickly removed by authorities, who say they were posted illegally.
West Yorkshire Police said yesterday: “We are aware of fake posters that have been illegally posted at locations in and around Leeds city centre and are making further enquiries.”
Greater Manchester Police and Manchester City Council have also been approached for comment.
Manchester mayoral candidate Nick Buckey wrote on X: “The lack of action to the drug epidemic in Greater Manchester is so huge that people thought these posters were legitimate.
“When jokes seems like reality then we know we have a problem.”
It appears that the group behind the drug posters project is Pattern Up, a ‘young artist collective from Brighton making their mark on the streets with provocative and witty installations’.
Plenty of people seem to have fallen for the stunt, believing it’s real, with one person posting on Instagram: “Can’t find anything online so surely fake news unless someone has a source.”
Another wrote: “Hahaha f*ck off this can’t be legit.”
The Manc -
16th December 2020 
