Investor that torpedoed Intu wants Trafford Centre sale

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Investor that torpedoed Intu’s survival hopes keen to flog Trafford Centre in quick sale

By Daily Mail City & Finance Reporter

Published: | Updated:

The investor that torpedoed Intu’s survival hopes is keen to flog the Trafford Centre in a quick sale, according to reports. 

The Canada Pension Plan Investment Board, which was one of Intu’s lenders, took control of the shopping centre near Manchester rather than agreeing to give the company more than a year to pay back its debts, the Sunday Times reported. 

On the market: The Trafford Centre, near Manchester, is worth around £1.7billion on Intu’s books

Intu went into administration on Friday, following weeks of fraught rescue talks. The shopping centre owner, which has 17 sites in total, was struggling under a £4.5billion debt pile when it collapsed. 

It employs nearly 2,400 people and more than 100,000 work for its tenants such as Marks & Spencer, H&M and Next. 

The Trafford, near Manchester, is worth around £1.7billion on Intu’s books. 

But a sale now would reveal how much value the coronavirus crisis has wiped off Britain’s malls as shops were shuttered during lockdown and tenants struggled to pay rents.

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