Intu Potteries snapped up by property group following administration

3375
Intu Potteries MAPP APAM KPMG administration
In late June, parent company Intu Properties collapsed into administration
// 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.


READ MORE:


“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.

Click here to sign up to Retail Gazette‘s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here