‘ Important milestone’ for Intu Braehead as shopping centre comes under new management in wake of administration
One of Scotland’s largest shopping and leisure facilities has come under new management after it went into administration amid the pandemic fallout.
Intu Braehead, located in Renfrewshire on the outskirts of Glasgow, has left the portfolio of Intu Properties following its administration in June and will now operate under the management of Global Mutual and Savills.
The existing centre name and branding will remain in place for an interim period, bosses confirmed.
Braehead welcomes some 16 million visitors each year and its 1.1 million square feet of retail, catering and leisure space is home to many wellk n o wn b r a n d s i n c l u d i n g Apple, Next, River Island and Superdry. The leisure complex includes the UK’S longest indoor ski slope.
Global Mutual has officially taken on the role of asset manager with Savills appointed as property manager.
While Intu Properties and s e ve r a l g r o up c o mpanies entered administration on
June 26, administrator KPMG was not appointed over any of the property companies that own the individual shopping centres, all of which have continued to trade as normal with a range of Covid- safe measures in place.
Intu SGS is the largest proper t y company comprising Intu Watford, Intu Lakeside ( Essex), Intu Victoria Centre ( Nottingham) and Intu Braehead.
Following the successful transfers of Watford, Victoria Centre and now Braehead, Lakeside will complete the migration process in early November.
Steve Gray, head of European retail asset management at Global Mutual, said: “Intu Braehead is one of the most popular retail and leisure destinations in Scotland and indeed the whole of the UK. We are well- funded with strong support from our lender group and have a great deal of optimism about the future of this leading centre.”
Peter Beagley, centre director for Intu Braehead, said: “Today is an important milestone for Intu Braehead as we begin a new chapter under different management.
Now working together with the highly experienced teams at Global Mutual and Savills we have a l ot to be excited about.”