Receivers at Savills have said they are seeking “opportunities” to enhance Leicester’s Highcross shopping centre, after it fell into receivership last month.
The receivers said their appointment has not affected day-to-day trading and that it is seeking opportunities to “augment the centre further”.
Landesbank Hesse-Thüringen Girozentrale, acting as security agent, appointed Savills as joint fixed charge receivers over the 1.1m sq ft shopping centre in February.
The centre’s features include 3,000 car parking spaces, a 12-screen cinema and 150 retail, restaurant and leisure spaces. Retail tenants include John Lewis, Apple and Zara, while leisure, food and beverage occupiers include Cinema de Lux, Treetop Adventure Golf, Zizzi, Wagamama and Nando’s.
It is thought that Hammerson’s balance sheet for the year will not be impacted by the receivership process. The secured loan within its Highcross joint venture breached its covenants at the end of 2021.
The value of the owner’s investment into the jv was impaired to nil value for the year, resulting in a £11.5m impairment charge.
Savills director and fixed charge receiver Matthew Nagle said: “Our role is to continue to improve the shopping experience for the public by enhancing the tenant mix and bringing more occupiers to the centre.
“The scheme will operate as usual and we will be working closely with the on-site team to not only ensure a smooth transition, but also to identify opportunities moving forward to augment the centre further.”
Hammerson previously sold a 50% stake in Highcross to Japan’s Norinchukin Bank for £236m in 2018.
Hammerson declined to comment.
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