Lone Star Funds has put Union Square shopping centre in Aberdeen on the market for around £175m.
Totalling 550,000 sq ft, Union Square comprises a retail park alongside an enclosed retail and leisure mall. The centre, which was developed in 2009, has recently seen M&S upsize to a new flagship 100,000 sq ft anchor unit.
TK Maxx and Apple also recently agreed store upsizing deals at Union Square with the centre securing new lettings with the likes of Ikea, Mango, Schuh, Victoria’s Secret, Hobbs, The Entertainer and Wing Stop, resulting in a 22% increase in net income over the last 36 months.
Charlie Barke, head of capital markets at Knight Frank, which has been appointed to market the opportunity, said: “Union Square is a huge success story and its recent lettings, substantial tenant investment, rental trajectory and strong trading platform are exactly what you want to see from a thriving retail asset with strong sustainability credentials. Combined with a superb economic backstory to this exceptional city, further boosted by recent support for opening up the oil and gas fields at Jackdaw and Rosebank, the future here looks incredibly bright.”
