Asset manager Signal Capital, supported by a retail property investment firm Edinburgh House, has acquired Motherwell Shopping Centre in North Lanarkshire.
The retail centre has more than 350,000 sq ft and around 100 retail sites. The deal will carry on leases of prime tenants Primark, Boots and B&M.
The site will be managed by Edinburgh House's asset management arm ESTAMA UK, to develop the scheme.
The value of the deal was not disclosed.
The property was formerly called The Brandon Shopping Centre and had been owned by Columbus UK Real Estate Fund and Chester Properties since 2010, when CALA acquired the property.
Colman McCarthy, partner at Signal Capital, said: “We have been researching this sub-sector of the UK retail market for over two years, focussing on demographic factors that influence long term values and we are confident that with this and identified follow on investments we will be able to deliver attractive long-term income returns for our investment partners.”
David Roberts, chief executive at Edinburgh House Estates and ESTAMA UK, said: “it has been a long road to get here, but we are very happy with the resulting acquisition and the confirmation that our asset management arm will retain its current position and continue its excellent management of the Motherwell scheme.”
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