Sale of 50% Manchester Arndale stake shelved

After assessing bids for its half of the 1.96m sq ft shopping centre, a group of former Intu investors has opted not to sell.

The 50% stake was made available earlier this year for the first time in 20 years, with JLL instructed to find a buyer. However, the sale has now been shelved despite interest in the opportunity.

A spokesperson for the investors said: “The sale of the 50% former Intu stake in Manchester’s Arndale Shopping Centre has been withdrawn. JLL oversaw a competitive bidding process with a number of rival bids emerging for the asset.”

The investors, who took ownership of the Intu stake when the investor collapsed in 2020, will continue to work with M&G, which owns the other 50% of the complex, and Manchester City Council to enhance the asset, the spokesperson added.

The Arndale is 98% let and is visited by around 45m people annually. Recent deals include lettings to Sephora, Pure Seoul, and Arc’teryx.