Big changes at the Victoria Center in Nottingham from today

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Nottingham’s largest shopping center was taken over today (October 19) by new management.In June of this year, intu – who also owned the Broadmarsh site – crashed into the administration amid growing debt of over £ 4.7 billion.

The company had been working to agree a standstill on its loans after the coronavirus pandemic came as the last straw to the business’s downfall, with street retail in turmoil during the lockdown.

The directors of KPMG were appointed on June 26 and after months of negotiations it can be confirmed that the mall has left Intu’s portfolio.

Global Mutual became the new asset manager, while Savills became the new property manager.

The movement is emotional from today, but the brand and the name intu will be kept “for an interim period”.

Global Mutual is said to be a very experienced asset manager in the UK, US and Europe, currently managing £ 5bn of assets in primary sectors including retail and office.

International real estate advisor Savills provides shopping center management services across the UK.

Steve Gray, Head of European Retail Asset Management at Global Mutual, said: “The resilience of the intu Victoria Center despite the challenges presented by Covid highlights the enduring attractiveness of flagship retail destinations. and recreation for tenants and visitors.

“Supported by intu, our team on site has done a fantastic job, especially over the past few months to keep everyone safe.

“This performance, combined with the financial stability we currently have, gives us great confidence in the future prospects of the center. ”

Global Mutual took over the role of asset manager after the transfer of the site from Intu SGS, the real estate company created following the collapse of Intu. In August, a local expert described it as a company formed to “take on the best pieces of the business that has been in trouble”.

Martin Wallace, Director of Property Management at Savills, added: “Offering contemporary retail and dining spaces, intu Victoria Center is an important part of downtown Nottingham.

“It plays a major role in the local economy and is the destination of choice for city residents and the wider catchment area. We are extremely happy to work with Global Mutual and the center team to ensure the continued success of this center. ”

Meanwhile, ownership of the half-built Broadmarsh Center was transferred to city council after the intu collapsed.

Retail experts initially raised serious concerns. However, central Victoria bosses insist it has “performed well” despite lingering uncertainty resulting from the pandemic.

All 120 stores in the center are open and trading, including John Lewis and Next, as well as many independent retailers

Nigel Wheatley, director of the intu Victoria Center, said: “Our center plays a vital role in Nottingham for residents of the city and visitors to the surrounding areas.

“It continues to be a key location for brands that want business opportunities in a very popular and busy destination.

“I look forward to working with the Savills and Global Mutual teams as we enter this exciting new chapter.

Jim Tucker, Partner at KPMG and Co-Director of Intu Properties plc, added: “To date we have successfully transitioned nine intu centers to new management.

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