Glasgow supermarket next to Ibrox stadium bought as part of £24m property deal

A supermarket site adjacent to Ibrox football stadium in Glasgow has been acquired by a property fund as part of an eight-figure deal.

Stock market listed LXi REIT, which is one of several quoted real estate investment trusts, has exchanged contracts on the forward purchase of the new food store, which is located next to the Rangers football ground. The 17,000-square-foot property, which benefits from 120 parking spaces, is pre-let to Aldi on a new lease.

News of the forward purchase of the Glasgow site came as the property trust also unveiled the acquisition of a Dobbies garden centre south of the Border.

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The eight-acre, 122,000 sq ft site in Gloucester is let to the Scottish garden centre operator, which is an existing tenant of the trust.

Aldi has become one of the fastest-growing retailers in Scotland over the past couple of decades. Picture: Michael Gillen
Aldi has become one of the fastest-growing retailers in Scotland over the past couple of decades. Picture: Michael Gillen

Bosses said the garden centre, which features 236 car parking spaces, was trading strongly and is well located adjacent to a junction of the M5 motorway, just to the south of Gloucester.

The property also sells thousands of Sainsbury’s grocery and household products, under the terms of a joint venture between Dobbies and the supermarket giant.

Together, the Aldi and Dobbies deals total £24 million with the acquisitions completed off-market.

The fund told investors that further acquisitions are expected to be announced shortly.

Towards the end of March, an Asda store in Glasgow was among a string of grocery sector assets acquired by LXi REIT for a total of £85m.

The store was one of seven separate acquisitions in the sector from six different developers/vendors following its £125m capital raise earlier in March.

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Glasgow Asda store among property assets changing hands for £85m

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