Three UK shopping centres that house a total of 190 retail units will enter administration after a legal dispute over loan repayments.
Moorfields Advisory Group have drafted in two property specialists to act as administrators for three shopping centres owned by Frogmore.
Broadwalk Shopping Centre in Bristol, Port Arcades Shopping Centre in Ellesmere Port and Belle Vale Shopping Centre in Liverpool will all succumb to a disposal strategy by the administrators.
This follows a long standing legal dispute between Frogmore and Nationwide, and is the result of a settlement.
The shopping centre owner accused Nationwide of attempting to defeat its right to buy its property back.
Speaking to Property Week, Frogmore chief executive Jo Allen said: “It is a matter of public record that there was litigation between one of Frogmore‘s early funds and Nationwide regarding three shopping centres.
“Frogmore is very happy with the settlement reached.”
The centres will trade as usual while the administrators come up with a disposal strategy.