KPMG has been appointed as administrator of the stalled Trinity Walk shopping centre development in the UK city of Wakefield. The EUR 223 mln development is a joint venture between Manchester-based developer Modus Properties and CIREF, a Jersey registered closed-ended property investment and development company, KPMG said. Shepherd Construction is building the scheme.
KPMG has been appointed as administrator of the stalled Trinity Walk shopping centre development in the UK city of Wakefield. The EUR 223 mln development is a joint venture between Manchester-based developer Modus Properties and CIREF, a Jersey registered closed-ended property investment and development company, KPMG said. Shepherd Construction is building the scheme.
In a statement on Friday, KPMG said Jane Moriarty and Myles Halley from its Restructuring practice have been appointed joint administrators to Trinity Walk Wakefield Limited at the request of the directors. Work began on the project in 2007 and is scheduled to complete in 2010. The project's indoor market started trading in June 2008.. KPMG said 40% of the centre's retail space has been pre let.
Joint administrator Jane Moriarty said: 'Trinity Walk is a victim of value erosion in the property sector. The economic downturn and resultant downward pressure on property values is impacting on the viability of many developments.'
'Construction has stopped as we work with multiple stakeholders to explore a way forward for the development,' she said.
