Intu-owned shopping centre The Trafford Centre is being put up for sale, Sky News reports.

Less than two months after parent company Intu Properties entered administration, investment bank PJT Partners and property agency CBRE have been hired to market the UK’s fourth-biggest shopping centre.

The centre was last valued publicly by Intu at close to £1.7bn, but given the pressures facing the market as a result of the coronavirus crisis, it is expected by analysts to be sold for at least 20% less than that sum.

In March, figures in Intu’s FY19 report revealed the shopping giant made a loss of £2bn last year.

At the time, 167 stores had entered administration or CVAs, reducing like-for-like rental income by 9.1% - a situation that has been exacerbated exponentially by the coronavirus crisis.

KPMG, the administrator, has secured funding to continue managing Intu’s nine-strong portfolio for a six-month period, and property sources have said that it was working constructively with the directors of the Trafford Centre property company and its lenders to maximise the centre’s value.

In a statement issued to Sky News, a spokesperson for the joint administrators of Intu properties said: “All parties are working constructively together to maximise value for this highly attractive asset.”