The Scottish Retail Property Limited Partnership, a 50-50 joint venture between British Land and Land Securities, is to sell the Bon Accord and St Nicholas shopping centres in Aberdeen to F&C REIT for £189 million.
Together, the centres cover 460,000sq ft and have more than 75 shops, including Boots, New Look and Next.
The Scottish Retail Property Limited Partnership was formed in 2004 – with Land Securities contributing the Bon Accord centre and British Land contributing the St Nicholas centre – to “maximise the long-term value of two adjoining assets”.
The joint venture was set up as a seven-year partnership, with the external debt expiring last year.
Cushman & Wakefield acted for the Scottish Retail Property Limited Partnership and CBRE acted for F&C REIT.