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The Trafford Centre has been purchased by a property investment company

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A Canadian property investor, CPPIB, has become the new owner of the Trafford Centre.

Canada Pension Plan Investment Board (CPP Investments) is headquartered in Toronto and has now acquired ownership of the shopping centre.

The firm loaned £250m to the previous owner Intu back in 2017. Intu collapsed into administration under the weight of £5b in debt earlier this year. 

The Trafford Centre was hard hit by the coronavirus pandemic, with many retail tenants going bust or unable to pay rent. 

Seth Whales

The MEN reports that CPPIB was reportedly unwilling to let Intu use the security of the Trafford Centre to gain further credit with its banks, ultimately leading to the company’s collapse.

The news comes after the announcement last month that Manchester-based CBRE Group and international firm Savills were managing ‘the centre and day to day operations’.

Now, CPPIB has acquired sole ownership of the Trafford Centre.

The company said in a press release: “In June 2020, intu was placed into administration and a sale process was initiated for the Trafford Centre, however, no viable bids were received.

“As the principal secured creditor of ITCG with security over the equity interest in the Trafford Centre, in the absence of alternative sources of funding and the unsuccessful sale process, CPPIB Credit has exercised its rights to acquire the shares in ITCG and the ownership of the Trafford Centre.”

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Despite losses of £704m in 2019, the new owners remain optimistic for the long-term prospects.

Geoff Souter, Managing Director, Head of Real Assets Credit, CPPIB Credit said: “The Trafford Centre is one of the UK’s top five shopping centres, welcoming more than 30 million shoppers annually, and counts many leading global retailers among its occupiers.

“While conditions for retail in 2020 have been very challenging, we are able to take a long-term view and believe that, with strategic management and investment, the Trafford Centre has strong prospects.

“An immediate priority is to support the Trafford Centre’s management, ensuring continued optimal operation of the Trafford Centre, and to appoint a long-term expert operating partner.”

They also said they would ‘evaluate the Trafford Centre’s complex capital structure to ensure it supports the return to long-term viability.’

CPP is a well-established investor in UK shopping centres, with investments in London’s Westfield Stratford, Birmingham’s Bullring and Grand Central.

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Teacher dies on her 25th birthday after contracting coronavirus

‘Claudia was very special, kind, caring and a dedicated teacher’

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Recently-qualified teacher Claudia Marsh died with coronavirus on her 25th birthday.

Claudia’s death has been described as ‘sudden and unexpected’ by the charity that helped her recover from an eating disorder a few years ago.

She had gone on to volunteer at the organisation, becoming a ‘beacon of hope’ for others. 

Her mother, Tina Marsh, said she was ‘very proud’ and ‘blown away’ by the number of tributes after Claudia died at Liverpool’s Royal University Hospital on Wednesday.

Posting on Facebook, Ms Marsh said Claudia was a ‘beautiful daughter and incredible sister’ who was selfless with her work at the Merseyside-based charities, Talking Eating Disorders (TEDS) and The Whitechapel Centre.

Her mother said: “She loved giving back to people less fortunate than herself.”

Founder of TEDS and family friend Leigh Best described the death as ‘heartbreaking’, adding: “Claudia was very special, kind, caring and a dedicated teacher.

“She supported countless families across the UK. Claudia made her own little packs to give out to others with eating disorders with positive affirmations.

“She was full of positivity, kindness and hope, and had a smile that would brighten up the whole room.”

The Whitechapel Centre also released a statement where they said staff were ‘devastated’, adding she would leave behind a ‘legacy of care, dedication and enthusiasm’.

Throughout the pandemic Claudia spent her time providing food and clothing to those who need it, the centre said, adding: “Claudia always put others before herself and her memory will live on through the impact and contribution she made to our organisation.

“She was instrumental in bringing together our volunteer community.”

Her mother has set up an online fundraising page for the two charities which has already raised £16,495.

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Opening schools is a national priority, government says

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Schools Minister, Nick Gibb told the commons that schools in England will be reopen ‘as soon as possible’. 

Responding to an urgent question brought by Shadow Education Secretary Kate Green, Mr Gibb said the government would ‘prioritise the reopening of schools as we begin the process of lifting lockdown restrictions’.

Ms Green went onto say that the government had ‘failed  to give parents, children and staff the credible plan they deserve’.

Adding: “We simply don’t know what the government’s plan is for school reopening – other than what we read in the newspapers,”

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“In recent days, we’ve had reports that the prime minister wants pupils back before Easter, the health secretary saying he wants pupils back after Easter, Public Health England saying overnight the primary schools are already safe to reopen – so which is it?

“What is the plan for full reopening? The schools minister mentioned some metrics but was vague about the required performance against them – can he give us some more clarity?”

Mr Gibb said it was the government’s ‘strong desire to reopen all schools, colleges and universities as soon as possible’.

“We are acutely aware of the damage to children’s education and development – particularly to the most disadvantaged pupils by being away from school and of the increased burdens placed on parents.

He added that the ‘government has been clear that education is a national priority’ throughout the pandemic.

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“We had worked hard to keep all schools, colleges and universities fully open but scientific advice we received in January meant we had no choice but to close schools and colleges to all but vulnerable children and the children of critical workers.

“And to restrict in-person teaching in university to those studying to be future critical workers.” He said. 

He added that there will be an announcement in the next few days as remote learning is no substitute for face-to-face learning. 

“We want to give two weeks’ notice so parents can make arrangement for the care of their children and we will be making announcements in the next few days.” He said.

Chairman of the education select committee, Robert Halfon, told Mr Gibb that parents and children were suffering.

“We need to get our schools open again sooner rather than later,” he said.

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All of Manchester’s care home residents have now received first vaccine dose

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All residents of Manchester’s care homes have received at least one dose of their Covid-19 vaccination.

Among the first people to be prioritised for the vaccine rollout, the residents of the city’s 56 care homes for older people have now all received at least their first dose of the vaccine. 

Carolyn Ball, general manager of Belong Morris Feinmann Care Village in Didsbury, said: “We are absolutely delighted that our residents have had this opportunity to receive the Covid-19 vaccine. This is the additional protection we have long been waiting for and it’s great to be starting the new year knowing that our residents are at reduced risk.

“The commitment of the NHS in Manchester to rolling the programme out promptly, and the team from gtd healthcare delivering it in our care setting in spite of the complex logistics, is really impressive. We’re so grateful as their well-organised approach meant our residents and colleagues were amongst the first in the UK to receive the vaccine.”

Manchester City Council’s executive member for adult health and wellbeing, Councillor Bev Craig said she was ‘so proud’ of the work gone into protection the most vulnerable people in the region. 

She added: “We are already also seeing a really encouraging take up of the vaccine amongst care home staff, we cannot stress how important this is and we’d urge any staff member who is still unsure to talk to their colleagues who have already had it so they can see how easy and safe the process has been.

“They can book an appointment through their home managers and we really want to encourage them to take this opportunity as soon as possible.”

 
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Across the country, 6.5 million people have been vaccinated so far with around 80% over over 80s in England. 

Manchester’s care home residents can expect their second jab (if they haven’t already received it) no later than 12 weeks after their initial dose under the current scheduling.

This comes after the government changed the course of the rollout from two weeks after the first dose to six weeks to vaccinate more vulnerable people.

Chief medical officer, Chris Whitty described the change as ‘simple maths’ adding: “…if a vaccine is more than 50% effective, if you double the number of people who are vaccinated over this very risky period when there is a lot of virus circulating, you are overall going to get some substantial benefit.”

He said: “I think most people would agree that the risk that was identified was a relatively much smaller risk than the risk of not having people vaccinated, which essentially was the alternative.”

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