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The Trafford Centre has been purchased by a property investment company

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A Canadian property investor, CPPIB, has become the new owner of the Trafford Centre.

Canada Pension Plan Investment Board (CPP Investments) is headquartered in Toronto and has now acquired ownership of the shopping centre.

The firm loaned £250m to the previous owner Intu back in 2017. Intu collapsed into administration under the weight of £5b in debt earlier this year. 

The Trafford Centre was hard hit by the coronavirus pandemic, with many retail tenants going bust or unable to pay rent. 

Seth Whales

The MEN reports that CPPIB was reportedly unwilling to let Intu use the security of the Trafford Centre to gain further credit with its banks, ultimately leading to the company’s collapse.

The news comes after the announcement last month that Manchester-based CBRE Group and international firm Savills were managing ‘the centre and day to day operations’.

Now, CPPIB has acquired sole ownership of the Trafford Centre.

The company said in a press release: “In June 2020, intu was placed into administration and a sale process was initiated for the Trafford Centre, however, no viable bids were received.

“As the principal secured creditor of ITCG with security over the equity interest in the Trafford Centre, in the absence of alternative sources of funding and the unsuccessful sale process, CPPIB Credit has exercised its rights to acquire the shares in ITCG and the ownership of the Trafford Centre.”

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Despite losses of £704m in 2019, the new owners remain optimistic for the long-term prospects.

Geoff Souter, Managing Director, Head of Real Assets Credit, CPPIB Credit said: “The Trafford Centre is one of the UK’s top five shopping centres, welcoming more than 30 million shoppers annually, and counts many leading global retailers among its occupiers.

“While conditions for retail in 2020 have been very challenging, we are able to take a long-term view and believe that, with strategic management and investment, the Trafford Centre has strong prospects.

“An immediate priority is to support the Trafford Centre’s management, ensuring continued optimal operation of the Trafford Centre, and to appoint a long-term expert operating partner.”

They also said they would ‘evaluate the Trafford Centre’s complex capital structure to ensure it supports the return to long-term viability.’

CPP is a well-established investor in UK shopping centres, with investments in London’s Westfield Stratford, Birmingham’s Bullring and Grand Central.

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Train fares set to increase again in ‘biggest hike’ for a decade

Bad news for commuters…

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Commuters could be facing the steepest rise in the cost of train travel in more than a decade just months after prices were already increased.

It has been predicted today that train prices across England and Wales could rise by nearly 5% before the New Year.

The 2021 rise in prices was delayed as a result of the Covid-19 pandemic when train travel was at an all-time low, however, tickets still saw a price rise of 2.6% in March.

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And this morning, the Retail Prices Index for July 2021 was confirmed as 3.8% by the Office for National Statistics, meaning passengers could see fares rise by 4.8% in 2022, which would be the largest hike since 2012.  

This means that the cost of rail travel could increase twice within ten months, and would see a Manchester-Glasgow off-peak return rise by £6.30 to £94.90, according to Metro.

Though all hope isn’t yet gone – changes to the fares in 2022 are still yet to be confirmed.

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A Department for Transport spokesperson said: “No decision has been made on national rail fares.

“The government is considering a variety of options and we will announce our decision in due course.”

This news has come as train travel in Manchester and beyond is on the rise – earlier this month, we reported that zero cases of Covid were found in Manchester Piccadilly Train Station, despite thousands of commuters using the station’s services as offices reopen.

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Comedian Sean Lock has died aged 58

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Channel 4

Comedian Sean Lock has passed away at the age of fifty-eight after a battle with cancer, his agent has confirmed today.

A statement from his agent from Off The Kerb Productions said: “It is with great sadness that we have to announce the death of Sean Lock. He died at home from cancer, surrounded by his family.

“Sean was one of Britain’s finest comedians, his boundless creativity, lightning wit and the absurdist brilliance of his work, marked him out as a unique voice in British comedy.

“Sean was also a cherished husband and father to three children. Sean will be sorely missed by all that knew him. We kindly request that the privacy of his family and children is respected at this difficult time.”

Fellow comedians have been posting their own tribute messages since the news was announced. Ricky Gervais wrote: “Such sad news. RIP the great Sean Lock. One of the funniest, most influential comedians of a generation. A lovely man.”

John Bishop posted: “I am shocked and saddened at the news of the loss of Sean Lock. He was a brilliant comedian but more importantly he was a great person on so many levels . He will be missed hugely.”

Sean was best known for his role on Channel 4’s comedy panel show, 8 Out of 10 Cats, where he was panel captain. He appeared on the first eighteen series, opposite team captains including Jason Manford and Jon Richardson.

He also appeared on QI, The Last Leg, Have I Got News for You, and The Big Fat Quiz of the Year.

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UK to welcome more than 20,000 refugees following the Taliban’s takeover of Afghanistan

Reports claim that a number of these refugees will be housed in hotels near Manchester Airport

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The UK is set to welcome more than 20,000 refugees from Afghanistan following the Taliban’s takeover of the country.

Prime Minister Boris Johnson announced that 5,000 people will be eligible to be resettled in Britain during the first year of the program, with women and girls given priority status, with the rest to be admitted in the ‘long term’.

Those deemed to be at the highest risk of human rights abuses and dehumanising treatment by the Taliban will also be given priority for settlement. 

The Prime Minister, who will address MPs today on the ongoing crisis in Afghanistan, said: “We owe a debt of gratitude to all those who have worked with us to make Afghanistan a better place over the last twenty years.

“Many of them, particularly women, are now in urgent need of our help. I am proud that the UK has been able to put in place this route to help them and their families live safely in the UK.”

Manchester council leader Sir Richard Leese added that planes carrying people from Afghanistan are expected to land here in Manchester ‘at any moment.’

He said: “They’re on their way. We’re expecting planes to be landing at any moment. We’re certainly not going to turn our back on those people.

“But what we are going to do is to continue to make the case that actually, if we’re really a caring country, we need to make sure we put the proper resources and systems in to be able to support these people very quickly, get them out of hotels and get them into homes.

“We’re definitely not going to be refusing to take people, but we will continue to make the case for proper support.”

Following the departure of American troops on Sunday, the Taliban took over Afghanistan’s capital city Kabul, almost two decades after they were initially defeated by the US. The Afghan President Ashraf Ghani fled the country, abandoning the presidential palace to Taliban fighters.

Under the Taliban’s rule, Sharia Law, women and girls are stripped of most basic human rights, including the right to have an education, work, and leave the house without a male relative. While the Taliban have promised to take a more modern approach to their ruling, concern for the safety and wellbeing of Afghan women and girls is still rife.

For more information on how you can help the refugees fleeing Afghanistan, visit the following links:

British Red Cross
UNICEF
AllWeCan.org
United Nation Refugee Agency 
Refugee Council

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