// Trafford Centre appoints Pradera Lateral as asset manager
// Pradera Lateral is a joint venture between shopping centre management specialist Pradera and developer Lateral Property
// With a team of 35 in the UK, Pradera Lateral is based in London
The Canadian owner of the Trafford Centre, CPP Investments has appointed Pradera Lateral as asset manager.
Canadian pension fund CPP Investments bought the 2.2 million sq ft shopping centre in in Manchester last December, following the administration of Intu in June.
It has appointed Pradera Lateral, a joint venture between shopping centre management specialist Pradera and developer Lateral Property, as asset manager with immediate effect.
Property firm Savills was appointed as property manager for The Trafford Centre in August, and will continue in that role.
With a team of 35 in the UK, Pradera Lateral is based in London and has other UK offices in Harrogate and Manchester.
The Harrogate and Manchester offices are expected shortly to be combined into a new office at The Trafford Centre.
“Our appointment of Pradera Lateral as asset manager of the Trafford Centre marks a major step forward for the north-west’s leading retail and leisure destination,” Trafford Centre Group UK director Fraser Pearce said.
“Pradera Lateral was selected as asset manager for their experience in UK asset management, as well as strong global retail experience.
“It has a mandate to both stabilise the centre during the ongoing reopening in 2021, as well as restoring the Trafford Centre as a leading UK retail and leisure destination.”