Lynn’s Vancouver Quarter could be put up for sale after the administrators were called in this week.
The centre’s Northern Irish owners Hollybrook Investments has been holding talks with US equity company, Oaktree Capital, to restructure its £69 million loan.
Deloitte is acting as administrators and is overseeing the management of the centre after being called in by Oaktree’s Luxembourg-based subsidiary, HRGT Debtco SARL, which owns the debt.
The administrators are now looking at the possibility of selling the centre.
Hollybrook said that it is working with the investment company and that there is no threat to the centre or jobs.
The joint administrators proposal report states: “The administrators are allowing the group to continue to trade whilst a sale of the property is investigated. The likely time frame for the administration process is dependent on the outcome of the sale discussions currently taking place, however we anticipate this will not exceed the 12-month period.
“Based on the current information together with estimated future asset realisations, it is not expected that the secured creditor (HRGT) will be repaid in full.”
The administrators report said that the Hollybrook went into administration in August.
Hollybrook bought the 999-year leasehold from West Norfolk Council in 2006 and the site is currently valued at about £34 million with an estimated annual rental income of £3.2 million.
A spokeswoman for Hollybrook states that it is also working with the investment company.
She said: “Hollybrook Investments is the property manager of the Vancouver Quarter shopping centre and this role remains unaffected by the recent restructuring undertaken by Oaktree Capital, the US private equity company.
“This process, which is nearing completion, was part of an agreed refinancing plan and Hollybrook Investments will continue to manage the shopping centre which is trading successfully.”
West Norfolk Council leader Nick Daubney said the authority had been put on notice that there might be problems.
The council has a stake in the centre and was working with the firm and others to regenerate Baxter’s Plain.
Mr Daubney said: “It is a huge part of the town centre. We are in close conversations with everyone involved. We had a joint programme going forward and those conversations have to proceed whoever takes over.”