A SCOTTISH shopping centre has changed hands after going into administration during the coronavirus pandemic.
Intu SGS, the retail company made up of four of the UK’s largest shopping and leisure destinations, has announced that the third of its centres has now been successfully transferred to new management.
From today, intu Braehead which is located in Renfrewshire on the outskirts of Glasgow, has left the portfolio of intu properties plc after its administration in June and will now operate under the management of Global Mutual and Savills.
The existing centre name and branding will remain in place for an interim period.
Intu Braehead has around 16 million visitors each year and its 1.1 million sq ft of retail, catering and leisure space is home to brands including Apple, Next, River Island and Superdry.
Including a major sporting and events arena and sitting adjacent to a substantial leisure complex including the UK’s longest indoor ski slope, the owners described intu Braehead as "one of Scotland’s most popular day out destinations".
READ MORE: Shopping centre owner Intu set to default on debts amid virus impact
Global Mutual has officially taken on the role of Asset Manager with Savills appointed as Property Manager. Global Mutual is a highly experienced asset manager in the UK, US and Europe, currently managing £5 billion of assets in primary sectors including retail, office and alternatives.
While intu properties plc and several group companies entered administration on 26 June 2020, administrator KPMG was not appointed over any of the property companies (PropCos) that own the individual shopping centres, all of which have continued to trade as normal with a range of Covid-safe measures in place.
Intu SGS is the largest PropCo comprising intu Watford, intu Lakeside (Essex), intu Victoria Centre (Nottingham) and intu Braehead. Following the successful transfers of intu Watford, intu Victoria Centre and now intu Braehead, intu Lakeside will complete the migration process in early November.
Steve Gray, of Global Mutual, said Braehead "is one of the most popular retail and leisure destinations in Scotland and indeed the whole of the UK", adding: "We are well-funded with strong support from our lender group and consequently have a great deal of optimism about the future of this leading centre.”
Martin Wallace, of Savills, said: “Intu Braehead is a vital part of the Renfrewshire community, providing critical support to the local economy as well as offering outstanding retail and leisure facilities. We are looking forward to working with Global Mutual and the excellent in-house team to build on the centre’s achievements to date.”
Peter Beagley, centre director for intu Braehead, said: “Today is an important milestone for intu Braehead as we begin a new chapter under different management. We have a great team who have worked tirelessly over the past few months to enable the centre to reopen safely and continue delivering for our visitors and tenants. Now working together with the highly experienced teams at Global Mutual and Savills we have a lot to be excited about.”
Jim Tucker, partner at KPMG and joint administrator of intu properties plc, said: “To date, 11 intu centres have successfully migrated to new management. Due to the hard work and commitment from all stakeholders, transitions have been achieved in an orderly and efficient manner. We wish the intu Braehead team all the best for the future.”
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