Administrators from KPMG have valued Wigan's Grand Arcade at £110m, newly-filed documents at Companies House show.
Modus Properties (Wigan) and Modus (Wigan) went into administration in May despite the 450,000 sq ft shopping centre being 95% let. It means it will leave the insurance giant Aviva a shortfall of £33m.
According to the newly filed report from KPMG, which is running Modus Properties (Wigan) and Modus (Wigan), it said it will not be sold off in the short term because of the depressed commercial property market.
An earlier creditors' report warned that Aviva would face a shortfall on its investment despite receiving 68 expressions of interest in Wigan Grand Arcade.
The report also said that many of the tenants, which includes Debenhams, Bhs, and Marks & Spencer, were on rent-free deals at the start of their leases which cost the centre's owners £14.1m.
Administrators expect to recover £97.3m of the £123.4m which Modus Properties (Wigan) owes Aviva, while Modus (Wigan)'s assets are thought to be worth £12.6m compared with debts of £16.4m.
The main shareholders of Modus Properties (Wigan) and Modus (Wigan) are Brendan Flood with 40.5% and Martin Abramson with 44.5%.