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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Andy Burnham wants to bring the ‘Greater Manchester way’ to Westminster
Emily Sergeant
Andy Burnham has set out his vision for the country if he is to become Prime Minister.
In case you need brining up to speed first, after it was announced earlier this month that Andy Burnham had clinched the victory in the crucial Makerfield by-election, winning 24,927 votes (54.8% vote share) and a majority of 9,231, he then went onto announce his intention to run for Labour Party leader, and therefore Prime Minister, after Keir Starmer confirmed he would be stepping down.
And this week, Mr Burnham has now delivered his first speech as part of his ongoing campaign, addressing how he plans to give the country a ‘new direction’.
Burnham says that he wants to bring the ‘Greater Manchester way’ to Westminster.
A lot has been discussed and reported on when it comes to Burnham’s intentions to create a so-called Number 10 North here in Manchester, but what exactly does it mean to take the ‘Greater Manchester way’ to the capital?
“The Greater Manchester way is based on strong partnership between all sectors: public, private, community, voluntary, academic, faith, and our trade unions,” Burnham said in his speech.
He continued: “When I started as Mayor in 2017, we set about building a new approach, a new politics based on the exact opposite of the Westminster approach.
“Place-first, not party-first. Problem-solving, not point-scoring. Long-term, not short-term.
“A decade on, it’s incredible how much we’ve been able to achieve by working together instead of fighting against one another.”
Burnham said he feels the truth is that the country spends ‘too much time arguing and not enough time doing’ and that for Britain to get back where it ‘should be’, his Government would ask everyone to ‘face the same way’ and then ‘pull in that same direction together’.
He declared that No 10 North will be the ‘nerve centre’ for a rewired Britain.
“It will be the conduit through which we redistribute power and resources across the UK,” he concluded. “It will coordinate all parts of Government, at national and local level, to agree a long-term economic strategy and help all places set new growth ambitions.”
Featured Image – GMCA
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Body of missing 15-year-old boy recovered from water at Salford country park
Emily Sergeant
The body of a missing 15-year-old boy has sadly been recovered from the water at a country park in Salford.
Officers from Greater Manchester Police (GMP) were called to reports of a teenager getting in to difficulty in the water at Clifton Country Park in Salford at around 4:51pm this past Saturday (27 June).
Since then, emergency services – including partners from Greater Manchester Fire & Rescue Service (GMFRS) and North West Ambulance Service (NWAS) – have been working together to locate the missing boy.
But despite their best efforts, a body was, unfortunately, located in the water yesterday (29 June).
The body was recovered from the water by specialists at North West Under Water Search and Marine Unit, GMP confirmed.
Formal identification is yet to take place, but police are supporting the family of the missing boy in the meantime.
“Saturday’s incident is truly heartbreaking,” commented Detective Inspector Dave Ogden, from the Salford CID.
“My thoughts remain with the family and loved ones of the young boy who has so tragically lost his life. While we are satisfied there are no suspicious circumstances, this incident is an incredibly upsetting reminder of the serious risks associated with open water.
“We understand people want to make the most of the warm weather, but we would urge everyone to stay safe and avoid entering reservoirs, rivers, canals or ponds.
“Please take care and enjoy the weather in a safe way.”
The Manc -
16th December 2020 
