Shropshire Council has moved the assets of its Shrewsbury shopping centres onshore to the UK financial market from Jersey following a technical and administrative process.
The council says that when agreeing to buy the centres in 2017, the simplest and most cost-effective way was to purchase the centres as Jersey Property Unit Trusts, which is how the previous owners of the centres held the assets.
The council then planned to ‘onshore’ the assets (that is, return the assets to the UK financial market) at a time when the transition would be most timely and efficient.
Shropshire Coincil began work on the potential acquisition of the shopping centres in September 2017. The purchase was approved at a meeting of the full Council on 14 December 2017, and contracts were exchanged on 21 December 2017. In January 2018 the council officially purchased the Pride Hill, Darwin and Riverside centres.
Steve Charmley, Shropshire Council’s Cabinet member for assets, economic growth and regeneration, said:
“We are delighted that the centres are now fully onshore. This was a lengthy and complicated process and I want to take this opportunity to thank everyone who has worked tirelessly in ensuring this was achieved in the most efficient way possible.
“This has been an ambition of the council’s from the outset and is another important step on the journey to enable us to deliver a vibrant, sustainable, and commercially successful town centre for all.”