The deal will give Peel a 19.9% shareholding in CSC and John Whittaker will become Deputy Chairman of its board, in addition to his current role as Chairman of the Peel Group.
The Trafford Centre will join CSC's 13 shopping centre assets, giving Peel significantly greater interests in the retail property market via a portfolio of many of the UK’' top retail property assets. These include: the Arndale Centre, Manchester; Lakeside, Thurrock; Metrocentre, Gateshead; Eldon Square, Newcastle; Braehaead, Glasgow; and The Mall at Cribbs Causeway, Bristol.
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Deputy Chairman of Capital Shopping Centres Group, John Whittaker said: "The transaction is part of the Peel Group’s long term, ongoing strategy to broaden its investments in many diverse sectors through partnerships and co-investment with complementary businesses. It follows successful partnerships with RREEF at Peel Ports, Vancouver Airport Services at Peel Airports, Covanta at Ince Park and most recently with SIS Live at Peel's MediaCityUK project."
The deal does not affect the day-to-day running of The Trafford Centre and the existing management team and centre staff will remain in place.
Mr Whittaker added: "It is business as usual at the Trafford Centre. The strength of the Centre lies not only in its unrivalled retail and leisure experience, but also in its first rate management and excellent staff. The Trafford Centre remains one of Peel Group’s prized assets under the new ownership structure, which gives us the additional opportunity to benefit from added geographical spread of high quality assets in the wider UK retail property market."
(CD/GK)
