The joint administrators of intu properties plc today confirm the migration of intu Merry Hill to new management.

Ellandi, which operates more than 30 shopping centres across the UK, has been appointed as the new asset manager, overseeing the operation and development of intu Merry Hill on behalf of the consortium of banks that own the centre.

Ellandi has appointed Savills as managing agent with responsibility for the day-to-day running of the centre. All existing centre staff will transfer their employment to Savills on the same employment terms, preserving 200 jobs.

Jim Tucker, partner at KPMG and joint administrator of intu properties plc, commented: 'With the migration of intu's shopping centres to new management now firmly underway, it's pleasing to have been able to conclude the smooth transfer of this significant asset within the intu portfolio. As one of the top 10 shopping centres in the UK, Merry Hill is a prominent name on the retail landscape. We wish management and all of the employees the very best as they embark on this new chapter.'

Contact:

Katy Broomhead

Tel: 0161 264 4623

Email: katy.broomhead@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of GBP2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ('KPMG International'), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

KPMG International Cooperative ('KPMG International') is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-a-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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