Group PLC and British Land, has exchanged contracts to sell the Bon Accord and St Nicholas shopping centres in Aberdeen to F&C REIT for £189 million (approx. €223.8 million).
The Bon Accord and St Nicholas centres together form Aberdeen’s prime retail pitch, positioned between John Lewis and Marks & Spencer. They total 460,000 ft² (approx. 42,730 m²) across more than 75 retail units, and are anchored by Next, Boots and New Look.
The Scottish Retail Property Limited Partnership was formed as a 50/50 joint venture in March 2004, with Land Securities contributing the Bon Accord centre and British Land contributing the St Nicholas centre to the partnership, to maximize the long-term value of two adjoining assets.
The joint venture was originally set up as a seven year partnership and has come to a natural end, with the external debt expiring last year.
Land Securities Executive Director Richard Akers said, ‘After a number of successful asset management and refurbishment initiatives, the sale of the Bon Accord and St Nicholas centres is in line with our strategy of recycling capital into other opportunities across our portfolio.’
Source: Land Securities