Canada’s biggest pension fund has taken control of Manchester’s Trafford Centre after the lender failed to find a buyer.
The shopping centre, which attracts 30 million visitors a year, was put up for sale in August after Intu Properties, its owner, went into administration.
The centre attracted interest from Mike Ashley, the Sports Direct retail tycoon, Henderson Park Capital and Morgan Stanley’s property division. However, bids of about £900 million were almost half the last valuation of £1.7 million made by Intu.
Canada Pension Plan Investment Board (CPPIB), the principal creditor to the property, has seized control and said that none of the bids was “viable”.
The pension fund, which invests on behalf of 20 million Canadians, will work alongside Unibail-Rodamco-Westfield, the asset manager, to