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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Government announces all national museums in UK will remain FREE for everyone to visit
Emily Sergeant
Dozens of national museums across the UK are set to remain free for everyone to visit, it has been confirmed.
Funded by the Department for Culture, Media and Sport (DCMS), the 14 national museums of the UK are all located in England – including the Imperial War Museum North, and the Science and Industry Museum in our region – and free entry to was first introduced all the way back in 2001, with millions of visitors having benefitted since.
National museums are said to add more than £1 billion a year to the economy, and bring in visitors from all over the world.
In fact, seven of the UK’s 10 most visited museums are national museums, and 7.1 million people visited the Natural History Museum and 6.4 million visited the British Museum in 2025 alone.
The Government has announced that all national museums in the UK will remain free for everyone to visit / Credit: Science Museum Group | Wikimedia Commons
Earlier this year though, the Government committed to working with local leaders and the museum and tourism sectors to explore whether charging overseas visitors could help museums’ finances.
But following this, it’s now believed that charging could deter visitors, and that the impacts and benefits would ‘not be felt equally’ across the sector.
Instead, the free entry will be funded by the £1.5 billion Arts Everywhere Fund – which is providing £760 million for museums – while £600 million of infrastructure funding is supporting national museums and DCMS-sponsored cultural organisations.
The latter funding will be used to address critical maintenance and works to estates, and enable institutions to deliver on their commitments to share collections with visitors from around the world.
A further £160 million is coming from The Museum Estates and Development Fund to help museums tackle maintenance backlogs.
On top of that, the Government will work with Arts Council to develop a long-term strategic plan for the future of museums.
Featured Image – Science Museum Group
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Man City release statement after being found guilty of all charges related to Premier League’s financial rules
Emily Sergeant
Manchester City has finally broken its silence after being found guilty all of its charges related to the Premier League’s financial rules.
Yesterday, the Premier League released a formal statement confirming that an independent Commission had found Manchester City guilty of all charges related to serious breaches of the Premier League’s financial rules over a nine-season period.
On top of that, the club was also found guilty of the majority of charges in relation to its failure to co-operate with the League’s investigation.
According to the Premier League, the independent Commission found that Manchester City had arranged so-called ‘sham’ commercial deals with a number of its sponsors during the nine-season period – which were part of a disguised funding scheme, with those sponsors only required to pay a portion of the relevant sponsorship fees.
The remainder was then funded by Abu Dhabi United Group Investment & Development Ltd (ADUG), which owned the club.
The Commission also concluded, as quoted by the Premier League, that the club had ‘made concerted efforts to stop and frustrate the Premier League investigation’.
Following this report being published yesterday, Manchester City has now finally released a statement of its own, breaking its silence on the topic for the first time since the news broke last Friday.
The statement reads in full: “Manchester City FC is both disappointed and surprised by the opinion of the Premier League Commission, that has been published today.
“The Club is innocent of the accusations made by the Premier League and a comprehensive body of irrefutable evidence exists in support of all of its positions, relating to this case. The Club will therefore be relentless, and where necessary proactive, in any and all appropriate regulatory and legal forums.
“The Premier League process remains ongoing, with significant elements uncompleted. Manchester City FC will now pursue the appeal avenues open to it, on the basis that the opinion contains clear material errors, of law, principle and fact, and is unsafe.
“The Club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence.
“The Club is obviously restricted in what it can say further until all future proceedings are complete.”
The Manc -
16th December 2020 
