Xscape to adventure: Centre owner buys out partner

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CAPITAL Shopping Centres (CSC) has bought out Xscape Braehead joint venture partner Capital & Regional (C&R) in a £4 million deal.

CSC bought C&R’s 50 per cent stake in the development, which features bars, a cinema, an indoor ski-slope, pictured, and restaurants, and which lies next to CSC’s Braehead shopping centre.

Mike Butterworth, CSC’s chief operating officer, said: “CSC is delighted to have secured sole ownership of Xscape Braehead.

“This underlines our commitment to the Braehead area, which has considerable scope for further regeneration to the benefit of the local community.”

C&R chief executive Hugh Scott-Barrett added: “This sale to our JV partner continues the execution of our 
strategy of selling non-core assets to concentrate on our core UK shopping centre activities.”

The Xscape Braehead Partnership, which was launched in 2004, had assets of £56.7m at 30 June, including property valued at £53.5m, with debt of £45.6m secured against the property.