Edinburgh-based Cala Properties has acquired the Brandon shopping centre situated on a 80,937 m[sup]2[/sup] site in Motherwell, Scotland for EUR 98 mln and is planning to invest millions in a major upgrade of the mall. Acquired through a joint venture deal with the corporate division of the Bank of Scotland, the retail complex comprises 32,516 m[sup]2[/sup] of one-level retail space and 590 parking spaces.
Edinburgh-based Cala Properties has acquired the Brandon shopping centre situated on a 80,937 m2 site in Motherwell, Scotland for EUR 98 mln and is planning to invest millions in a major upgrade of the mall. Acquired through a joint venture deal with the corporate division of the Bank of Scotland, the retail complex comprises 32,516 m2 of one-level retail space and 590 parking spaces.
The mall had previously been owned jointly by the local council and another property firm. Built in 1969, the Brandon complex underwent a retail makeover in 1979 and currently includes 86 units featuring a number of high-street retail brands including Argos, Primark, Woolworths and Boots.
'We plan to provide a series of improvements that will contribute towards securing the future of the Brandon center', commented Cala's managing director Alasdair MacConnell. 'It will cost millions but shoppers will see a big improvement by the time we've finished', he added.
This acquisition follows the recent announcement by the commercial property company of a £1.2 bn (EUR 1.8 bn) redevelopment of the former Ravenscraig steelworks site close to Motherwell. The site will be turned into a mini town, with more than 800 residential units and a 26,012 m2 campus for the Motherwell College.
