UK shopping centre owner SGS UK Retail has sold the Braehead Shopping Centre to UK retail conglomerate Frasers Group.
As previously reported, the 1.1m sqft asset in Glasgow was on the market for approximately £220m (€250m) in a deal being brokered by JLL.
Michael Murray, CEO at Frasers Group, said: “This acquisition is an important step in delivering our property ambitions and accelerating the elevation strategy.
“It cements the group’s position as a leading operator and champion of physical retail destinations while unlocking greater opportunities to serve communities with the best brands, environments and experiences possible.”
Claire Barber, CEO of SGS UK Retail, said: “The sale of Braehead was always part of our strategic plan and through active management, we have delivered substantial value enhancement and successfully stabilised the asset, attracting new brands and increasing its relevance and appeal to customers.
“We have created a strong platform from which Frasers Group can continue to drive growth, leveraging its retail expertise to further unlock Braehead’s potential as one of the leading retail destinations in Scotland.
“In light of strong leasing performance and the significant progress made in discussions with brands, we continue to see significant value creation opportunities in the group’s remaining three assets.”
SGS UK Retail’s portfolio consists of the Lakeside and Atria Watford shopping centres in Greater London, and the Victoria Centre in Nottingham.
In May last year, SGS completed a recapitalisation which included £445m of new senior financing from Lloyds Bank.
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