A £350m shopping centre fund has gone into administration.
The Britannica fund, managed by CBRE Global Investors, was placed in the hands of Grant Thornton on Wednesday.
The fund – CBRE Retail Property Fund Britannica – had been put up for sale in March this year when CBRE GI and lender to the fund, ING bank, decided to liquidate its assets.
However, despite rumours of a £250m bid for the portfolio of eight shopping centres, the decision was made to fold the fund.
At the market’s height the fund was valued at £700m, but its value is now less than the £360m of debt secured against it.
Malcolm Shierson, joint administrator at Grant Thornton, said: “The economic environment for shopping centres generally remains tough, and the Britannica estate is no exception to this.”
Assets in the fund include County Square in Ashford, the Strand in Bootle, the Gates in Durham, Rivergate in Irvine, the Haymarket in Leicester, Spindles and the Town Square in Oldham and Swansgate in Wellingborough.
The Britannica shopping centre fund was set up by ING Real Estate Investment Management in 2005. ING REIM was bought by CBRE GI last year for $1.2bn (£740m).
