// Intu Milton Keynes has new asset manager
// Ellandi appointed Savills as managing agent for the centre, which will be rebranded
Intu Milton Keynes has become the second of Intu’s shopping centres to have had a new asset manager since the company fell into administration in June.
Property group Ellandi has been appointed asset manager for Intu’s Milton Keynes shopping centre.
Ellandi has appointed Savills as managing agent for Intu Milton Keynes, which will be rebranded.
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Milton Keynes is the second of Intu’s centres that Ellandi has taken over, following Merry Hill in the West Midlands.
“For two decades, the centre has been an incredibly important focal point for the city’s people and its economy,” Ellandi partner and co-founder Morgan Garfield said.
”We’re thrilled at the opportunity to continue its legacy and are committed to improving the existing offer with new operators and complementary uses. The centre will continue to support local shoppers and the wider community.”
KPMG partner and Intu administrator Jim Tucker said: “This is the third Intu centre to migrate to new management in little under two weeks, further underscoring the hard work and commitment from all stakeholders to effect smooth and orderly transitions.”
Intu fell into administration after crunch talks with its lenders were unsuccessful. Its shares on the London Stock Exchange were suspended but Intu said its 17 shopping centres, which are held in separate operating companies, will continue to trade for the time being despite its insolvency.
Intu’s problems were exacerbated by how it had amassed a high level of debt over the years. It stood at £4.7 billion in 2020.
Intu employs about 3000 staff across the UK while a further 102,000 work for the shops within its 17 shopping centres in the country.
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