Sovereign Centros has reportedly taken over the running of intu’s largest asset, the Metrocentre in Gateshead.
The company will asset manage the centre on behalf of the Metrocentre Partnership, while Savills will take on the responsibility for the on-site property management.
Chief executive of Sovereign Centros, Chris Geaves commented on the news calling it a very important day: “There are clearly challenges for us all at this time but we want to take the centre back to where it was as ‘The Metrocentre’, which the local community was always very proud of.”
He said that Sovereign Centros wanted to “inject new life” into the centre and confirmed it had a number of exciting plans in store going forward with a potential £25 million available for future investment.
“The strength of this asset is supported by a strong shopping-hungry catchment who enjoy free parking, the ease of access of getting to the centre and we are going to do our best to make sure we satisfy them,” Geaves added.