Lone Star hands Aberdeen’s Union Square £175m price tag
Lone Star Funds has appointed Knight Frank to market Aberdeen’s Union Square, with an asking price of £175m.
Extending to 550,000 sq ft, Union Square is the dominant retail provision in Aberdeen and comprises a retail park alongside an enclosed retail and leisure mall.
The scheme has recently seen the upsize of of M&S into a new 100,000 sq ft anchor unit on the retail park, with other recent upsizes at centre including Tk Maxx and Apple. New lettings at Union Square include Ikea, Mango, Schuh, Victoria’s Secret, Hobbs, The Entertainer, and Wing Stop. Other tenants include JD and Next in the retail park and Zara, H&M, and Cineworld in the mall.
Charlie Barke, head of capital markets at Knight Frank, said: “Union Square is a huge success story and its recent lettings, substantial tenant investment, rental trajectory and strong trading platform are exactly what you want to see from a thriving retail asset with strong sustainability credentials. Combined with a superb economic backstory to this exceptional city, further boosted by recent support for opening-up the oil and gas fields at Jackdaw and Rosebank, the future here looks incredibly bright.”