Intu Lakeside, Watford, Victoria Centre and Braehead under new management

Intu Lakeside, Watford, Victoria and Braehead snapped up
Four Intu Properties are under new management.
// Four Intu SGS centres under new management by Global Mutual
// Lakeside, Watford, Nottingham’s Victoria Centre and Glasgow’s Braehead centre leave Intu Properties’ portfolio

Intu Lakeside, Watford, Victoria in Nottingham and Braehead in Glasgow have been transferred to new management under Global Mutual, with Savills appointed as property managers.

The group of shopping centres which were part of Intu SGS will now be run by Global Mutual.

As of Monday, Intu Victoria Centre is now under Global Mutual’s management, where Intu Watford has already migrated.

READ MORE: Intu Potteries snapped up by property group following administration

Intu Lakeside and Braehead are expected to join in the coming weeks.

“To date, nine intu centres have successfully migrated to new management,” KPMG partner and joint administrator of Intu properties Jim Tucker said.

“This has been achieved thanks to the hard work and commitment from all stakeholders to effect smooth and orderly transitions. We wish the intu team all the best for the future,” Tucker added.

The announcement comes just days after Stoke-on-Trent’s Intu Potteries shopping centre was acquired by property company MAPP.

MAPP and APAM were also appointed to the property and asset management of two further Intu centres: Eldon Square in Newcastle upon Tyne and Soar at Braehead in Glasgow.

In late June, parent company Intu Properties collapsed 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.

Administrators were not appointed to any of its property subsidiaries.

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