Sovereign Centros said on Monday it has taken over the running of intu’s largest asset, the Metrocentre in Gateshead.

The company said it will asset manage the centre on behalf of the Metrocentre Partnership, while Savills will take on the responsibility for the on-site property management. 

Sovereign Centros said it wanted to “inject new life” into the centre and confirmed it had a number of plans in store going forward with a potential £25 million available for future investment.

It has also made a commitment to invest in the retail park adjacent to the centre and bring in some new names to enhance the existing offering.

Sovereign Centros CEO Chris Geaves said: “This is a very important day and we are delighted to be taking the Centre over.

“There are clearly challenges for us all at this time, but we want to take this important asset back to where it was as ‘The Metrocentre’, which the local community were always very proud of.”

News of Sovereign Centros’s appointment came almost 34 years to the day since the centre first opened.