Mall sold

US fund buys Aberdeen’s Union Square for £111m

Union Square
Union Square Aberdeen was built at a cost of £275m

Aberdeen’s Union Square shopping mall has been sold by Hammerson to an affiliate of US private equity firm Lone Star.

The operator saidthe 52,000 sqm centre was sold at an 8% discount to its £121m book value. The deal is expected to be completed in the first half of this year.

Hammerson added that the sale concludes its £500m non-core disposal programme. Proceeds will be used to boost the balance sheet, it added.

Union Square opened in 2009 at a cost of £275m. It has 30 restaurants and a 2,400-seat cinema.

Tenants currently include retailers M&S, Zara, H&M, The White Company, Mac, Apple, Next and BrewDog as well as restaurants such as Wagamama and TGI Fridays.

Business units in Fife

A business centre with 16 units will be built at Lochgelly Industrial Park after Fife Council’s Economic Development Team announced the sale of two acres of land to Easy Living Developments, a Glenrothes-based design and build construction company.

Construction on the £2 million investment is set to begin in the next few months. The units will vary in size from 1,000 sq ft to circa 1,500 sq ft. 

Glamping site on market

Kings Caves Glamping, by Machrie on the Isle of Arran, is being marketed by joint agents Watermans and DM Hall after the owners decided to retire.

The 4.25 acre site is only part-developed and there are plans to double the number of lodges to 10.

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