The Trafford Centre has new owners after it has been announced that the Canada Pension Plan Investment Board (CPP Investments) has acquired ownership of the troubled retail site .
It was placed into administration back in June of this year but with no buyers coming forward, the subsidary of CPP, the pension scheme CPPIB Credit Investments Inc which had loaned the previous owners Intu, £250m back in 2017, have now exercised their rights as creditors to acquire the shares and take on ownership of the centre.
Geoff Souter, managing director, head of real assets credit, 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.
“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.
