// Intu Metrocentre has been taken over by real estate developer Sovereign Centros
// Sovereign Centros also operates other retail schemes including the Telford Centre and St Enoch in Glasgow
// The company said it will “inject new life” into the Metrocentre
Intu Metrocentre has been acquired by London-based real estate developer Sovereign Centros, as the assets of former landlord Intu continue to be offloaded.
Sovereign Centros, which also operates other retail schemes including the Telford Centre and St Enoch in Glasgow, said it would manage the centre, while property firm Savills will take responsibility for the onsite property management.
The company said it will “inject new life” into the Metrocentre and would potentially make up to £25 million available for future investment in the site.
READ MORE: Intu Metrocentre lenders to appoint advisers for financial restructuring
The landlord also said it will invest in the adjacent retail park and bring in “new” and “exciting” occupiers.
“This is a very important day and we are delighted to be taking the centre over,” Sovereign Centros chief executive Chris Geaves said.
“There are clearly challenges for us all at this time but we want to take this important asset back to where it was as ‘The Metrocentre’, which the local community were always very proud of.”
Intu Metrocentre owner Intu fell into administration in June, after failing to reach a standstill agreement with its creditors.
Two former Intu shopping centres, Merry Hill in the West Midlands and Milton Keynes shopping centre, have both since been taken over by landlord Ellandi.
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