A new management team has been appointed to look after the Trafford Centre following the collapse of intu last year.
Pradera Lateral, a joint venture formed at the end of 2020 between shopping centre management specialist Pradera Limited and developer Lateral Property, has been named as asset manager with immediate effect.
The Trafford Centre's owner, Canadian pension fund CPPIB, has said the firm won a 'competitive' selection process to be the new asset manager, the Manchester Evening News reports.
Industry insiders had tipped Westfield - the company which runs the mega shopping centre in Stratford, London - to get the nod.
Although the company has been managing shopping centres in Europe and China for more than 20 years, Pradera is little known in the UK.
Other than the Trafford Centre, its only other current management mandates are retail parks in Dunstable, Bedfordshire, and Yeovil, Somerset.
Fraser Pearce, director of Trafford Centre Group (UK) Limited, said: "Our appointment of Pradera Lateral as asset manager of The Trafford Centre marks a major step forward for the Northwest’s leading retail and leisure destination.
"Pradera Lateral were selected as asset manager for their experience in UK asset management as well as strong global retail experience.
"They have a mandate to both stabilise the centre during the ongoing reopening in 2021 as well as restore The Trafford Centre as a leading UK retail and leisure destination."
Pradera Lateral together with its other group companies currently manages a retail property portfolio of more than £3.5bn, comprising 58 assets including large shopping centres in cities as diverse as Chongqing, Shanghai, Istanbul and Turin.
With a team of 35 in the UK, Pradera Lateral is headquartered in London and has other UK offices in Harrogate and Manchester.
The Harrogate and Manchester offices are expected shortly to be combined into a new office at The Trafford Centre.
Colin Campbell, chairman of Pradera Lateral, added: "We are delighted to have been selected to work as asset manager of The Trafford Centre alongside CPP Investments.
"We are looking forward to designing and delivering a successful future for The Trafford Centre, with our immediate priorities being to help support brands through the re-opening and to welcome back our customers to this very popular retail and leisure destination."
Savills was appointed property manager for The Trafford Centre in August 2020 and will continue in that role.
CPP Investments became the owner of The Trafford Centre in December 2020 following the administration of Intu Properties plc in June 2020.
