The trouble shopping mall owner intu has confirmed the sale of their Milton Keynes shopping centre.
Property company Ellandi has brought the centre, and has appointed Savills as the day-to-day site manager, with the transfer taking place earlier this week.
The news was confirmed by a post on the centre’s Instagram post, with a statement reading, “We’ve had an incredible journey with you here at intu Milton Keynes, but unfortunately all good journeys must come to an end.
“As from today, intu Milton Keynes will no longer be part of the intu family. We’ll still be known as intu Milton Keynes for a little while longer, and the centre will continue to run as normal, but under the new ownership of Ellandi.”
It has not been disclosed how much has been paid for the site, which is located next to the centre:mk shopping centre in Central Milton Keynes.
Ellandi recently purchased a fellow intu-owned mall in the West Midlands, and also owns 25 other UK shopping centres.
The move comes after intu fell into administration earlier this year, with the company’s finances already struggling under billions of pounds in debts before being pushed over the edge by the closure of shops in the wake of the covid-19 lockdown earlier this year.
Morgan Garfield, partner and co-founder of Ellandi, said, “For two decades, the centre has been an incredibly important focal point for the city’s people and its economy. We’re thrilled at the opportunity to continue its legacy and are committed to improving the existing offer with new operators and complimentary uses. The centre will continue to support local shoppers and the wider community.”
Shelley Peppard, general manager for intu Milton Keynes, said, “The team at Ellandi shares our passion for Milton Keynes and the potential that our site has at the heart of Milton Keynes and its community. We look forward to working with Morgan and his team.”
Jim Tucker, partner at KPMG and joint administrator of intu properties plc, said, “This is the third intu centre to migrate to new management in little under two weeks, further underscoring the hard work and commitment from all stakeholders to effect smooth and orderly transitions.”