The Trafford Centre appoints Pradera Lateral as Asset Manager
Manchester's The Trafford Centre has appointed Pradera Lateral as asset manager with immediate effect, following a competitive selection process by Canada Pension Plan Investment Board (CPP Investments).
The shopping centre, which attracts about 30 million visitors a year, went up for sale last year after owner Intu entered administration. In 2017, CPP provided a £250 million credit facility to Intu and in the absence of a successful sale process, exercised its rights to acquire The Trafford Centre.
Comprising of around 1.9 million sq ft of GLA, it is the third largest regional shopping centre in the UK and is anchored by Selfridges, John Lewis and Marks & Spencer with 200 other stores.
Fraser Pearce, Director of Trafford Centre Group Limited said: “Our appointment of Pradera Lateral as asset manager of The Trafford Centre marks a major step forward for the Northwest’s leading retail and leisure destination. Pradera Lateral were selected as asset manager for their experience in UK asset management as well as strong global retail experience. They have a mandate to both stabilise the centre during the ongoing reopening in 2021 as well as restore The Trafford Centre as a leading UK retail and leisure destination.”
Pradera Lateral together with its other group companies currently manages a retail property portfolio of more than £3.5 billion, comprising of 58 assets including large shopping centres across the globe.
With a team of 35 in the UK, Pradera Lateral is headquartered in London and has other UK offices in Harrogate and Manchester. The Harrogate and Manchester offices are expected shortly to be combined into a new office at The Trafford Centre.
Colin Campbell, Chairman of Pradera Lateral, said: “We are delighted to have been selected to work as asset manager of The Trafford Centre alongside CPP Investments. We are looking forward to designing and delivering a successful future for The Trafford Centre, with our immediate priorities being to help support brands through the re-opening and to welcome back our customers to this very popular retail and leisure destination.”
Savills were appointed property manager for The Trafford Centre in August 2020 and will continue in that role.