Search

Owners of Chapelfield shopping centre bow out – but ‘no sale agreed’ yet

PUBLISHED: 13:41 27 September 2020 | UPDATED: 08:27 28 September 2020

Intu is bowing out of Chapelfield but apparently no sale has been agreed yet. Pic: EDP

Intu is bowing out of Chapelfield but apparently no sale has been agreed yet. Pic: EDP

Archant

Norwich’s Chapelfield shopping centre will no longer be part of the ‘Intu family’ after the firm stated it was “under new ownership”.

Intu is bowing out of Chapelfield but no apparently no sale has yet been agreed. Pic: EDPIntu is bowing out of Chapelfield but no apparently no sale has yet been agreed. Pic: EDP

London private equity group Orion Capital Managers are rumoured to be on the brink of purchasing the centre, after Intu went into administration in the summer.

No sale has been finalised, but those rumours were fuelled by a post from Intu on social media, which sparked confusion among followers.

“Things are changing, we’ve had an incredible journey with you here at Intu Chapelfield but unfortunately all good journeys come to an end,” it said.

“As from Tuesday September 29, Intu Chapelfield will no longer be part of the Intu family. We’ll still be known as Intu Chapelfield for a little while longer and the centre will run as normal, under new ownership.”

Intu is bowing out of Chapelfield but apparently no sale has been agreed yet. Pic: EDPIntu is bowing out of Chapelfield but apparently no sale has been agreed yet. Pic: EDP

The message sparked comments from hundreds of people over the venue’s future.

MORE: Rush of London buyers snapping up multi million pound Norfolk properties, estate agents say

A spokesman for Chapelfield said no sale had been agreed but that a new property management team had been appointed. He said it was understood the Intu name would be dropped from the centre from Tuesday with rebranding imminent.

The message was it was ‘business as usual’ with no change for shoppers or workers at Chapelfield.

Intu Chapelfield put a message across its social media sites about its 'incredible journey'. Pic: EDPIntu Chapelfield put a message across its social media sites about its 'incredible journey'. Pic: EDP

Intu Chapelfield’s marketing manager, Sheridan Smith, said: “We are now about to embark on the next exciting stage of Chapelfield’s journey. It starts this week, when we will be announcing the new property management team for Chapelfield who will be charged with leading the centre’s further development. It’s great news for Chapelfield, our customers and our tenants.”

Intu Properties was formerly the owner of 17 shopping malls including Manchester’s Trafford Centre, recently put up for sale.

The firm struggled under a £4.5bn debt for the past year and was further damaged by coronavirus.

Temporary closures because of Covid and rental disputes among tenants nationwide battling the effects of no footfall sent the firm spiralling into further debt.

Recently it emerged a change of name was on the cards for Chapelfield that didn’t include Intu. Planning application documents suggested it could be renamed Chantry Place, a street which runs outside one of the entrances.

Orion Capital Managers have been contacted for comment.


If you value what this story gives you, please consider supporting the Norwich Evening News. Click the link in the orange box above for details.

Digital Edition

cover

Enjoy the Evening News
digital edition

Subscribe

Latest from the Norwich Evening News