CPPIB Credit Investments Inc, headquartered in Toronto has acquired the Trafford Centre, formerly owned by intu.
In 2017, CPPIB Credit provided a £250M facility to Intu Trafford Centre Group (ITCG), secured by the equity interest in the Trafford Centre, intu’s prime asset. intu was placed into administration in June as a result of a crippling £5bn debt and the ongoing impacts of the Coronavirus pandemic.
As the principal secured creditor of Intu with security over the equity interest in the Trafford Centre, it has been reported that CPPIB was unwilling to let the company use the security of the Trafford Centre to gain credit with the bank, and has now acquired the centre.
Geoff Souter, Managing Director, Head of Real Assets Credit, CPPIB Credit, said: “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.”
