After a few months of COVID related uncertainty, including times when it seemed as though closure was an inevitability, bosses at the Trafford Centre have confirmed that is now under new management.
Previous owners, Intu, went into administration after struggling with £5bn worth of debt, but this is promising news for one of the north’s most visited retail and leisure outlets.
So, who is taking over?
Administrators KPMG took the reins in June, after Intu were unable to reach an agreement with lenders. Jim Tucker, David Pike and Mike Pink, who were appointed Joint Administrators back in June, look set to retain ownership, whilst it is the Manchester based CBRE Group, in collaboration with Savills, who will now take up the mantle as the new managers. They will oversee day to day operations and ensure we all get to experience the ‘unrivalled’ experience of the Trafford Centre, that we all know and love (or love to hate…)
CBRE are an American commercial real estate services and investment firm with an army of property specialists spread across Manchester and Liverpool.
In addition to taking on the Trafford Centre, the group are currently involved in such projects as the development of Airport City with Manchester Airport Group, as well as the management of Stockport Exchange.
Savills, on the other hand, are self proclaimed to be amongst the world’s leading property advisers, so at first glance, it seems that the Trafford Centre ‘should’ be in good hands, for now at least.
So, good news all round then?
Jobs will be saved, and even created maybe, so that’s definitely a bit of good news amongst the doom and gloom we’ve all had to endure for such a long time now.
We’ll keep our eyes on this one as it develops…