Intu Milton Keynes acquired by shopping centre operator Ellandi

Intu Milton Keynes has been taken over by property group Ellandi.

Ellandi will be the new asset manager of Intu Milton Keynes, but Savills will run it day-to-day. The site will retain its name for now before eventually being rebranded, Ellandi co-founder Morgan Garfield said.

It comes after British property giant Intu fell into administration in June following failed crunch talks with its lenders, though its shopping centres have continued trading since then.

"For two decades, the centre has been an incredibly important focal point for the city's people and its economy,” Garfield said. “We're thrilled at the opportunity to continue its legacy and are committed to improving the existing offer with new operators and complementary uses.”

KPMG partner and Intu administrator Jim Tucker added: “This is the third Intu centre to migrate to new management in little under two weeks, further underscoring the hard work and commitment from all stakeholders to effect smooth and orderly transitions.”

Earlier this month, the company was appointed as asset manager for Intu’s Merry Hill destination in the West Midlands. The privately-owned operator runs shopping destinations across the UK.

Photo credit: Intu