New management takes over at Nottingham shopping centre
The intu Victoria Centre shopping mall in Nottingham, which was recently taken over by property company Intu SGS, is under new management.
Global Mutual has formally taken on the role of asset manager with Savills appointed as property manager. The company currently managed £5bn 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 that own the individual shopping centres, all of which have continued to trade as normal.
Intu SGS is the largest PropCo comprising four of the UK’s leading shopping centre destinations visited by tens of millions of people every year: intu Watford, intu Lakeside (Essex), intu Victoria Centre (Nottingham) and intu Braehead (Glasgow). Following the successful transfer of intu Watford on 15 October 2020, the remaining two centres will also migrate to Global Mutual, with Savills appointed as property managers, in the coming weeks.
The existing centre name and branding will remain in place for an interim period.
Steve Gray, head of European retail asset management at Global Mutual, said: “The resilience of intu Victoria Centre despite the challenges presented by Covid highlights the enduring attractiveness of flagship retail and leisure destinations to both tenants and visitors. Supported by intu, our team on site has done a fantastic job, particularly over the past few months in keeping everyone safe. This performance, combined with the financial stability we now have, gives us great confidence in the centre’s future prospects.”
Martin Wallace, property management director at Savills, said: “Offering contemporary retail and restaurant space, intu Victoria Centre is an important part of Nottingham’s city centre. It plays a major role in the local economy and is the go-to destination for the city’s residents and the wider catchment area. We are hugely excited to be working with Global Mutual and the centre team to ensure the continuing success of this centre.”
Nigel Wheatley, Centre Director for intu Victoria Centre, said: “Our centre plays a vital role in Nottingham for both city residents and visitors from the surrounding areas. It continues to be a key location for brands wanting outlets in a hugely popular, high footfall destination. I am very much looking forward to working with the Savills and Global Mutual teams as we enter this new and exciting chapter.”
Jim Tucker, partner at KPMG and joint administrator of intu properties, said: “To date, we have transitioned nine intu centres successfully to new management. I would like to thank everyone involved in intu Victoria Centre’s migration for their hard work and dedication which has ensured a smooth and orderly process. We wish the intu Victoria Centre team all the very best for the future.”