Shrewsbury shopping centre put on market by special servicer

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A shopping centre managed by Protego has been put on the market by the special servicer of the debt secured on the asset.

Hatfield Phillips has appointed Savills to seek offers for the 470,000 sq ft Darwin, Pride Hill, and Riverside shopping centres in Shrewsbury.

The three linked shopping centres were bought by Protego Real Estate Investors' £350m UK Actively Managed Shopping Centre Fund with debt from Lehman Brothers in 2006 for around £118m.

Hatfield Phillips was appointed special servicer to the debt by Lehman Brothers' administrator Pricewaterhouse Coopers. Hatfield Phillips is thought to have appointed Savills to begin seeking offers for the centres this week.

Protego Real Estate Investors set up its maiden UK shopping centre fund in 2006 as a 10-year, closed-ended, offshore Jersey property unit trust.

Charles Weeks, joint founder of Protego, said: 'In line with every other secondary shopping centre the market has moved out substantially. Shrewsbury has been effected by plummeting values and Hatfield Phillips decided to appoint an agent to sell the asset. We are working with Hatfield Phillips to seek to maximise value for stakeholders. We will continually review the situation.'

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