Capital Shopping Centres acquires Xscape Braehead

Capital Shopping Centres is the sole owner of Xscape Braehead Partnership after acquiring the remaining stake in the company.

The FTSE firm has purchased Capital & Regional's 50% interest in Xscape Braehead - which owns the family entertainment destination adjacent to its Braehead shopping centre - for consideration of £4.0m.

Xscape Braehead has snow slopes with urban and lifestyle retailers, bars and restaurants, a 12-screen cinema, family attractions and extreme activities.

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Capital Shopping Centres Chief Operating Officer, Mike Butterworth, said: "CSC is delighted to have secured sole ownership of Xscape Braehead. This highlights our focus on offering our visitors the most compelling retail and leisure destinations and underlines our commitment to the Braehead area which has considerable scope for further regeneration to the benefit of the local community."

Xscape Braehead had gross assets of £56.7m at June 30th, 2012, including property valued at £53.5m with debt of £45.6m.

The company generated net rental income of £3.2m and profit before tax of £3.4m, including a £2.8 million gain on revaluation of property in the year ended December 31st, 2011.

RD