Scottish shopping centre changes hands
A shopping centre in Dunfermline, Scotland, has changed hands between two property investment companies.
Kingsgate Shopping Centre has been acquired by Belgate Estates from Northdale Asset Management for an undisclosed fee.
The scheme spans approximately 289,716 sq ft and comprises 75 units with Marks & Spencer retained as the anchor retailer. Other tenants at the shopping centre include New Look, The Body Shop, Starbucks, Waterstones, Superdrug, Boots, Clintons, River Island, and The Entertainer.
The asset is also located in close proximity to Next, Primark, and Sports Direct stores, as well as Carnegie Drive Retail Park.
The acquisition comes just months after Northdale purchased Kingsgate Shopping Centre as part of a trio of acquisitions at the end of last year.
GCW advised Belgate Estates, whilst Northdale was advised by KLM Real Estate.
James Waldock, investment director at GCW, said: “Pleased to have advised private clients on the successful acquisition of Kingsgate Shopping Centre in Dunfermline, a key retail destination at the heart of Scotland’s newest city.
“This transaction reflects continued confidence in well-located convenience retail assets with real potential to add value.”