The Trafford Centre comprises around 1.9 million sq ft of GLA, making it the third largest regional shopping centre in the UK by area. It is anchored by Selfridges, John Lewis and Marks & Spencer with around 200 other stores, fully integrated into Metrolink public transport network and has 11,500 car parking spaces, with ten per cent of the UK population within a 45-minute drive of the centre.
Fraser Pearce, Director of Trafford Centre Group (UK) Limited said:
“Our appointment of Pradera Lateral as asset manager of The Trafford Centre marks a major step forward for the Northwest’s leading retail and leisure destination. Pradera Lateral were selected as asset manager for their experience in UK asset management as well as strong global retail experience. They have a mandate to both stabilise the centre during the ongoing reopening in 2021 as well as restore The Trafford Centre as a leading UK retail and leisure destination.”
Pradera Lateral together with its other group companies currently manages a retail property portfolio of more than £3.5bn, comprising 58 assets including large shopping centres in cities as diverse as Chongqing, Shanghai, Istanbul and Turin. With a team of 35 in the UK, Pradera Lateral is headquartered in London and has other UK offices in Harrogate and Manchester. The Harrogate and Manchester offices are expected shortly to be combined into a new office at The Trafford Centre.
Colin Campbell, Chairman of Pradera Lateral, said:
“We are delighted to have been selected to work as asset manager of The Trafford Centre alongside CPP Investments. We are looking forward to designing and delivering a successful future for The Trafford Centre, with our immediate priorities being to help support brands through the re-opening and to welcome back our customers to this very popular retail and leisure destination.”
Savills were appointed property manager for The Trafford Centre in August 2020 and will continue in that role.
CPP Investments became the owner of The Trafford Centre in December 2020 following the administration of Intu Properties plc in June 2020.