Author Topic: Canadian Pension Fund takes over Trafford Centre  (Read 1043 times)

celeste

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https://www.bbc.co.uk/news/uk-england-manchester-55334906

A pension fund has taken control of the Trafford Centre after administrators received "no viable bids" for it.
The shopping centre, which attracts about 30 million visitors a year, went up for sale in August after owner Intu Properties (IP) entered administration.
Canada Pension Plan Investment Board (CPPIB), a key lender to IP, has taken ownership as the principal creditor.
CPPIB's Geoff Souter said despite "challenging" retail conditons, the centre still had "strong prospects".
The Canadian fund had provided IP with a 250m lending facility for its Trafford Centre subsidiary prior to its insolvency during the first coronavirus lockdown.
A spokesman said after "no viable bids" were received for the Greater Manchester centre, CPPIB had exercised its rights to take ownership.

Mr Souter, managing director at CPPIB Credit, said the complex remained "one of the UK's top five shopping centres".
"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," he said.
The pension fund is a significant investor in UK shopping centres and has previously invested in London's Westfield Stratford and Birmingham's Bullring.
« Last Edit: 19:20:10, 17/12/20 by celeste »
All that's necessary for the triumph of evil is for good men to do nothing

G holme

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #1 on: 13:12:40, 02/01/21 »
Hi Celeleste,
As a former Mancunian and now a Canadian, I was interested to read your post. The Canadian pension fund is one of the largest investment funds worldwide. It provides graduated retirement pensions for all Canadians except those in Quebec, which has its own pension fund.


celeste

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #2 on: 18:34:51, 02/01/21 »
Hi Graham,  hope you have had a nice Christmas.

I was very happy to read that the Canadian Pension Fund had acquired the Trafford Centre,  I'm sure it is in safe hands.

Do you return to Manchester at times?
All that's necessary for the triumph of evil is for good men to do nothing

G holme

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #3 on: 14:22:30, 03/01/21 »
Hi Celeste,
Glad you think the Trafford Centre is in good hands. The Canada Pension Fund is very well managed and has assets all over the world. Buying shares on the stock market could not provide the steady income required for the large amount of cash it has to invest, so it is invested in all kinds of real estate including shopping malls.
I do occasionally revisit Manchester, not so much now I do not have any family there. I visit friends and former colleagues. I contribute to the site for Central Grammar School and still hope to make contact with anyone there between 1945-52. i have made one contact who is in Canada.
When I was a youngster, the best hotel was The Midland. I hope to revisit Manchester when the pandemic is over, stay at The Midland and go to a Halle Orchestra concert at the newish Bridgewater Hall.
I wish you a Happy, Healthy and Peaceful New Year.  George




celeste

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #4 on: 17:46:04, 03/01/21 »
George,  excuse me for getting your name wrong.
I know the Midland Hotel very well, went to at least two New Year's Eve dinner parties with my family,  and have been with my own family since.

I like the Bridgewater,  went to a Proms there in the 1990s,  also went to see Joan Collins and Petula Clark there,  and my youngest son received his B.A. from the late Duke of Westminster there.

How's the snow situation in Canada,  hmmm,  I was born in Buxton and we certainly have our share but not as much as the twelve feet I read you have in Canada.
All that's necessary for the triumph of evil is for good men to do nothing

G holme

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #5 on: 19:41:52, 03/01/21 »
Hi Celeste,
Thanks for your reply. Sounds like The Midland is still OK with all the newer hotels around. You recommend I stay there next time, then I can get that yearning out of my system?
We usually get, on average, about 120 inches of snow per winter where I am, near Montreal. However, we had a green Christmas with only a wisp of snow this year. Then on New Years Day we had our first real snow with about 6 inches.
We have a golf course immediately behind the house and it is a great place for walks, cross country skiing and snow shoeing now the course has closed for the winter. Just came in from an hours trek around the front nine with my golf neighbours and their wives.
As we are in full lockdown at present, it is easy to keep ones distance while maintaining contact with our friends.
Stay safe. George

celeste

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #6 on: 20:03:53, 03/01/21 »
https://www.google.com/search?source=hp&ei=yCLyX5u8BdyBjLsPp4y9sAE&q=midland+hotel+manchester&gs_ssp=eJzj4tTP1Tcwzog3rjBgtFI1qDCxME9KMkw2Mje2MEy

It's the oldest hotel in Manchester .  We stayed overnight once and there was a huge dining table in the bedroom (?)

I went down to breakfast first and Sir Alex Ferguson and Ossie Ardiles were sat near the bar,  I asked the waitress

as to why they were there so early and was informed it was Sir Alex's birthday 31st December and they'd stayed the night.  I also saw George Best dining with his large family another time.

Anyway, my regards,
Celeste.
« Last Edit: 20:15:18, 03/01/21 by celeste »
All that's necessary for the triumph of evil is for good men to do nothing

G holme

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #7 on: 14:26:45, 05/01/21 »
Celeste,
Thanks for the link to The Midland. I spent a very interesting couple of hours reading about the hotel. Decided I must make a trip there after this nonsense is over.
Thanks again, George

celeste

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #8 on: 14:48:47, 05/01/21 »
You're very welcome George

Celeste
All that's necessary for the triumph of evil is for good men to do nothing

G holme

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #9 on: 03:30:19, 14/03/21 »
Celeste,
Bit of news for you about the Canadian pension fund and the Trafford Centre. Mark Machin who was the President and CEO of the pension fund has resigned. Reason  while the Canadian Government was advising against overseas travel, he went to one of the gulf states to get a Covid vaccination. Cosidered to have shown poor judgement and his resignation was accepted tout suite.
He had an impressive record heading the fund. It had averaged about 9%/year gains in the 5 years he was there.

celeste

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #10 on: 10:02:54, 14/03/21 »
That's disappointing,  I hope the move still goes ahead.

I've not been to the Trafford Centre this year but it's very popular and will make up its losses imo.

Thanks for letting me know and please keep us all informed.

All that's necessary for the triumph of evil is for good men to do nothing

G holme

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #11 on: 15:08:58, 14/03/21 »
Celeste,
His second in charge was immediately appointed to head up the pension fund. So everything should run smoothly because he is supposed to be good.
George

celeste

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Re: Canadian Pension Fund takes over Trafford Centre
« Reply #12 on: 16:16:20, 14/03/21 »
That's excellent,  I don't think they'll regret it as once everyone has been vaccinated the place will be packed again
All that's necessary for the triumph of evil is for good men to do nothing