Capital Shopping proposes to buy in Scotland and Spain

Retail-focused real estate investment trust Capital Shopping Centres (CSC) has agreed terms on two proposed transactions, the acquisition of a 30.96-acre site in Scotland and the purchase of a option relating to land in Spain.

By MoneyWeek

published 25 January 2012

in Features

The firm, which already owns large shopping centres such as the Trafford Centre in Manchester and Lakeside in Thurrock, will pay Clydeport Properties £4.7m for the King George V Docks in Braehead, Glasgow, a site adjacent to its existing Braehead centre.

The purchase "offers significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead," CSC said.

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Meanwhile, the firm will pay Peel Holdings €2.5m for a three-year option alongside a refundable deposit of €7.5m to buy two parcels of land in Malaga. These include a 60-acre site already with initial planning consents for the construction of a high-class regional shopping centre and leisure development, and a 14-acre site earmarked for possible future development.

With CSC's Deputy Chairman and Non-Executive Director John Whittaker being connected with the Peel Group, the proposed transactions will need the approval of shareholders.

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