A shopping centre owner has provided an insight into the troubled state of retail property, warning investors to be cautious dealing in its shares as it expects to have to slash the value of its assets.
New Frontier Properties, backed by the South African businessman Sisa Ngebulana, acquired Coopers Square in Burton upon Trent, the Cleveland Centre in Middlesbrough and Houndshill Shopping Centre in Blackpool for a total of £284m in 2015.
The centres, however, have been hit by shop closures from the likes of New Look and Select, and the collapse of Poundworld.
