Scottish malls snapped up in £24m deal

Three shopping centres, including Leith’s Newkirkgate and the La Porte Precinct in Grangemouth, have been bought for £24 million, almost a year after they collapsed into administration.

Property investor NewRiver Retail, which has also bought the Beacon Centre in North Shields as part of the deal, had been managing the centres on behalf of administrator Zolfo Cooper, which was appointed by Clydesdale Bank in December 2012.

NewRiver said it had identified a number of development initiatives “to significantly enhance the income and capital value of the assets”, which were previously owned by subsidiaries of Baronsgate Estates.

The firm’s property director, Allan Lockhart, said: “After nearly 12 months of managing these assets on behalf of the administrator, we are delighted to have acquired this portfolio at an attractive yield of over 10 per cent.

“The three centres are an excellent addition to our high yielding and diversified portfolio that is predominately focused on everyday non-discretionary retail.”