Asset manager takes over trio of intu sites

Intu Debenture has instructed MAPP to take over three intu schemes, with APAM to lead asset management. The pair will look after Soar in Braehead, Glasgow; Eldon Square in Newcastle upon Tyne; and the Potteries Centre in Stoke on Trent. The leisure and shopping centres have transitioned management, with the last asset completing on 14 October, and will remain open. It follows a series of high-profile appointments, with Global Mutual, British Land, Ellandi, MG Real Estate, Landsec, Cale Street Partners and APAM taking on vast swathes of the portfolio earlier this year. KPMG was appointed as administrator in June. The retail landlord had been fighting for survival since early this year after failing to raise £1.5bn to shore up its finances. As a result of the coronavirus crisis it has seen its valuation continue to plummet as rental income declined, leading it to breach its debt covenants.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette