×
62
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Limerick - 11 Hours - Part Time, Permanent
Permanent · Limerick
ESTÉE LAUDER
Mac Cosmetics - Area Sales And Education Manager (Ireland)
Permanent · Dublin
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Cork - 18 Hours - Part-Time - Permanent
Permanent · Cork
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Limerick - 11 Hours - Part Time, Permanent
Permanent · Limerick
L'OREAL GROUP
l'Oréal Designer Fragrances Mobile Fragrance Consultant
Permanent · Dublin
FOOT LOCKER
Manager Treasury Operations
Permanent · Dublin 1
L'OREAL GROUP
Lancôme Deputy Account Manager Brown Thomas Dublin
Permanent · Dublin
L'OREAL GROUP
Giorgio Armani Beauty Business Manager - Brown Thomas Limerick
Permanent · Limerick
LULULEMON
Visual Merchandising Key Leader | Dublin
Permanent · Dublin
ESTÉE LAUDER
Clinique - Counter Manager - Boots, Dundrum - 30 Hours - Full-Time - Permanent
Permanent · Dublin
RITUALS
Rituals Advisor - Brown Thomas Cork - 30 Hours Per Week (Temp Contract)
Fixed-term · Cork
LEVI'S
p/t Sales Associate/Tailor
Permanent · Dublin
ESTÉE LAUDER
Mac - Retail Artist - Brown Thomas, Dublin - 24 Hours - Part Time, Permanent
Permanent · Dublin
ESTÉE LAUDER
Mac Cosmetics - Retail Artist - Brown Thomas, Limerick - 20 Hours - Part Time, Permanent
Permanent · Limerick
ESTÉE LAUDER
jo Malone London - Stylist - Brown Thomas, Dublin - 11 Hours - Part Time, Temporary
Fixed-term · Dublin
ESTÉE LAUDER
Mac - Retail Artist - Brown Thomas, Galway - 15 Hours - Part Time, Permanent
Permanent · Galway
ESTÉE LAUDER
Mac - Retail Artist - Brown Thomas, Dublin - 30 Hours - Full Time, Permanent
Permanent · Dublin
ESTÉE LAUDER
Mac - Retail Artist - Brown Thomas, Cork - 12 Hours - Part Time, Permanent
Permanent · Cork
RITUALS
Rituals Advisor - Arnott's Dublin - 22.5 Hours Per Week
Permanent · Dublin 1
RITUALS
Rituals Advisor - Cork Mahon Point Shopping Centre - 12 Hours Per Week
Permanent · Cork
RITUALS
Rituals Advisor - Galway - 16 Hours Per Week
Permanent · Galway
ESTÉE LAUDER
le Labo - Fragrance Specialist - Brown Thomas, Cork - 30 Hours - Full Time, Temporary
Fixed-term · Cork
Published
Dec 17, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Lender takes control of Intu's Trafford Centre after bids fail to meet expectations

Published
Dec 17, 2020

One of the largest shopping malls in the UK, the Trafford Centre in Manchester, has been taken over by its lenders after no bidder offered an acceptable price. 


Trafford Centre


The destination has changed hands as part of the fallout from the Intu Properties failure earlier this year that has seen a number of its prestigious malls moving to new management.

The Canada Pension Plan Investment Board (CPPIB), which is Canada’s biggest pension fund, has taken control of the Trafford Centre after it lent Intu £250 million three years ago with the mall being put up as security for the loan.

While the Trafford Centre has been hit hard by the pandemic this year, in normal circumstances it's one of the most successful retail destinations in Britain with over 30 million visitors last year.

Despite that, the pressure that retail landlords remain under because of the shift to online and the pandemic meant that no bids for the mall were acceptable. It reportedly attracted interest from Frasers Group’s Mike Ashley, from Henderson Park Capital and Morgan Stanley’s property division. But the highest bid of around £900 million, was only a little more than half the £1.7 billin the location was valued at just a year ago.

CPPIB will now work with asset manager Unibail-Rodamco-Westfield to try to turn around the fortunes of the 22-year-old 1.8 million sq ft centre. It had been the first super-mall in Britain when it opened a year before Bluewater made a similar impact in southern Britain.

Other retail landlords have seen the value of their portfolios falling this year with landlord giants British Land, Shafestbury and Landsec all writing down part of their portfolio values.

So does that mean the long-term prospects for the Trafford Centre are weak? Not necessarily. CPPIB’s Geoffrey Souter 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.”

And the pension fund seems to have great faith in UK retail generally as it also has investments in other shopping malls around the country, including London’s Westfield Stratford and Birmingham’s Bullring and Grand Central.

Copyright © 2021 FashionNetwork.com All rights reserved.