Mapp has been instructed by intu Debenture Plc to manage three significant retail and leisure schemes previously owned and managed by Intu.
The three schemes are Soar at Braehead in Glasgow, Eldon Square in Newcastle upon Tyne and The Potteries Centre in Stoke-on-Trent.
APAM, specialist investment managers, will be overseeing the asset management. The last property transitioned on 14 October 2020
The Soar at Braehead is a leisure scheme in Glasgow, which has the longest indoor real snow slope in the UK. The Potteries Shopping Centre in Stoke is a mid-sized retail scheme with a separate leisure and restaurant scheme called The Hive. Eldon Square in Newcastle is the 12th largest retail centre in the UK and will become MAPP’s largest retail scheme under management.
Nigel Mapp, CEO commenting on MAPP’s appointment said: “Being instructed on these three large schemes is the culmination of a significant amount of work that started before Intu entered administration. Clearly, it is a big and important win, but the most important thing is that we are now able to bring some much needed stability, not only to the schemes but to the great team of the people who work in them who were facing an uncertain future. There is so much to do but APAM, MAPP and the site team are all looking forward to the challenge that lies ahead.”
Simon Cooke, Executive Director at APAM said: “The specialist retail investment team at APAM are looking forward to working with MAPP and the exceptional onsite teams at these important centres to re-vitalise and re-purpose them in order to ensure they remain an important part of their local community.”
