Intu agrees deal for Stoke-on-Trent shopping centre
Stoke-on-Trent’s biggest shopping centre is set to undergo an overhaul after a deal was struck this week between Intu's administrators and London-based property management company MAPP.
Intu Potteries announced it is no longer part of the Intu set-up. MAPP has been brought in to run the shopping centre, while specialist investment manager APAM will assume asset management responsibilities.
The mall, which is home to more than 80 stores and restaurants, including big name retailers like Primark, Debenhams and Next, is the latest asset to be offloaded by Intu following the retail company’s collapse earlier this year.
The new managers said the centre will continue to operate under Intu branding before undergoing a revamp later this year. The historic Potteries name will be retained.
Nigel Mapp, CEO at MAPP, and Simon Cooke, executive director at APAM, said: “We are very much looking forward to working with the outstanding on-site team at the Potteries Centre to reposition the centre not just for retail but as a cultural centre and community hub that will make Stoke-on-Trent proud.”
Jim Tucker, partner at KPMG and joint administrator of Intu Properties, added: “We are now midway through our migration timetable, with further centres set to transition to new management in the days and weeks ahead. We thank the team at The Potteries Centre for all their support during the administration process and wish them well as they embark on this new chapter.”
Intu owned and operated 17 shopping centres across the UK as well as a shopping centre in Spain until it fell into administration in June. All destinations remain open and operational while the joint administrators assess options for the assets.
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