// Highcross Leicester has been placed into receivership
// It follows multi-million pounds losses at the shopping centre, which is jointly owned by Hammerson and Asian investors
Highcross Shopping Centre, previously described as the flagship destination in the Hammerson property empire, has been placed into receivership.
Global property specialists Savills stepped in as receivers at the Leicester shopping mall on February 9 according to letters posted last week to shops and businesses operating there.
A letter sent from Savills to those trading within the shopping centre, seen by LeicestershireLive, said the appointment “does not impact” day-to-day trading and the on-site management team will remain in their existing roles.
It reads: “Our appointment is solely over the charged property, i.e. Highcross Shopping Centre. We have no involvement with the running of the landlord company itself.
It added that a “consensual handover period” was underway.
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It means Savills will now be responsible for the handling of rent and service charges and be a point of contact for onsite tenants.
The centre has more than 130 units which include retail giants such as Zara, Next, H&M, Superdry, North Face and more.
The news follows multi-million pounds losses at Highcross, which is jointly owned by retail property giant Hammerson and Asian investors.
Accounts for the shopping centre showed a loss after tax of almost £63 million in 2021 on the back of losses of £146.5 million the year before, partly due to the huge impact of the pandemic on high street retail.
It is understood that rising interest rates and rising costs caused by high inflation made the centre’s debts unsustainable.
Leicester City Mayor Sir Peter Soulsby told LeicestershireLive he was in no doubt someone would buy the centre.
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