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.

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.

BC