British Land Co PLC said it has completed a series of acquisitions at the St. Nicholas Shopping Centre in Aberdeen, and now owns the whole of the Centre on a ground lease from Aberdeen City Council. A 40 pct interest in the Centre had previously been owned by BL Universal, British Land´s joint venture with GUS PLC.
British Land bought out the GUS interest and simultaneously acquired the remaining 60 pct held by a pension scheme for 31 mln stg.
The covered shopping scheme comprises 115,000 square feet and has a strong tenant mix with 94 pct of the space occupied by national multiple retailers.
In addition, British Land acquired for 11.6 mln stg from L&R Partnership the long leasehold peppercorn interest in two prime shop units in the centre of the scheme occupied by Next and WH Smith.