Intu Watford officially transfers to new operator

Intu SGS, which comprises four intu shopping centres, has formally appointed Global Mutual as its new asset manager. It is the first of the SGS centres to transfer to new management following intu’s administration in June. Savills will be its property manager.  Intu SGS is the largest propco within the landlord’s structure. It also consists of the Lakeside complex in Essex, the Victoria Centre in Nottingham, and Glasgow’s Braehead centre.  The remaining three centres will also migrate to Global Mutual, with Savills appointed as property manager, in the coming weeks. The existing centre names and branding will remain in place for an interim period. Steve Gray, head of European retail asset management at Global Mutual, said: “Intu Watford has performed resiliently despite the challenges brought by the coronavirus. Footfall is recovering steadily and the team has continued to sign some fantastic new deals with high-quality tenants. “We also have strong support from our creditor group, which has committed to inject significant new funds into our four shopping centres, providing the financial stability we need during this period. We can look to the future with confidence.” Martin Wallace, property management director at Savills, said: “Intu Watford is a prime regional scheme that not only offers a first-class retail proposition, but also plays a vital role in the local community.” Vicki Costello, centre director for intu Watford, highlighted a “number of major [leasing] deals” in the past few weeks including Next, which has opened its beauty hall concept at the centre, Tag Heuer and Primark, with more “in the pipeline”. Jim Tucker, partner at KPMG and joint administrator of intu Properties, said: “To date, nine intu centres have successfully migrated to new management. “This has been achieved thanks to the hard work and commitment from all stakeholders to effect smooth and orderly transitions.” Global Mutual manages around £4.2 bn of assets in sectors including retail, office and alternatives across the UK, US and Europe. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette Image © Intu