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A trio of UK shopping centres once worth more than £100M has gone into receivership and administration, as lenders start to take control of assets hit hard by changing consumer habits and the impact of the coronavirus pandemic.
Receivers from CBRE have been appointed to The Rushes Shopping Centre, Loughborough, and Vancouver Quarter, King’s Lynn, and partners from Smith & Williamson were appointed administrators to the special purpose vehicle that owns the Kingsgate Shopping Centre, Dunfermline.
After giving borrowers more time to try to increase income and values on struggling assets, lenders are now increasingly using insolvency processes to try to protect their positions.
The centres were previously owned by private equity firm Oaktree, but in June 2019, DRC Capital, the mezzanine lender to the portfolio, took control of the assets. The bondholders that bought debt secured against the assets have now appointed administrators and receivers to…
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