// Intu Potteries has changed management after the collapse of owner Intu Properties in June
// Property company MAPP has snapped up the Stoke-on-Trent shopping centre
Intu Potteries has become the latest centre to be moved to new management after previous owner Intu fell into administration earlier this year.
Property company MAPP has snapped up the centre in Stoke-on-Trent, while specialist investment managers APAM will assume asset management responsibilities.
The shopping centre will continue to operate under the Intu branding ahead of a revamp later this year, though it will keep the Potteries name.
- Intu Derby becomes first of 17 centres to be snapped up since administration
- Intu Milton Keynes snapped up by property group
“We are very much looking forward to working with the outstanding onsite team at the Potteries Centre to reposition it not just for retail but as a cultural centre and community hub that will make Stoke-on-Trent proud,” MAPP chief executive Nigel Mapp and APAM executive director Simon Cooke said.
KPMG partner and Intu joint administrator Jim Tucker said: “We are now midway through our migration timetable, with further centres set to transition to new management in the days and weeks ahead.”
MAPP and APAM have also been 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.