Maidenhead shopping centre put into receivership

A private equity-owned shopping centre has been put into receivership after being unable to meet its debt obligations. The Nicholsons Centre in Maidenhead, Berkshire, has appointed receiver BDO. A joint venture led by Vixcroft had exchanged contracts to buy the centre from Irish Life for £37m in 2015, which was said to be financed by a £26m loan from Hermes Investment Management. Vixcroft had outlined plans to invest in redeveloping parts of the centre. It also hoped to take advantage of a new Crossrail link in 2019. But Next, previously one of its anchor tenants, chose not to renew its lease at the centre last year. It could herald the beginning of a wave of similar failures in the retail property sector. A number of UK retail assets with high debt levels were purchased by opportunistic investors with substantial loans earlier this decade. BDO has reportedly appointed CBRE to sell the centre. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette