Capital Shopping Centres (CSC) today announced that it has agreed terms to acquire Capital & Regional’s 50% interest in Xscape Braehead for consideration of £4.0 million.
CSC will now own 100% of the Xscape Braehead Partnership which owns the 370,000 sq ft family entertainment destination adjacent to its Braehead shopping centre. Xscape Braehead combines ‘real’ snow slopes with urban and lifestyle retailers, cool bars and restaurants, a 12 screen cinema, family attractions and extreme activities.
The Xscape Braehead Partnership had gross assets of £56.7 million at 30 June 2012 including property valued at £53.5 million, with debt of £45.6 million secured on the property. The Xscape Braehead Partnership generated net rental income of £3.2 million and profit before tax of £3.4 million, including a £2.8 million gain on revaluation of property in the year ended 31 December 2011.
Commenting on the acquisition Mike Butterworth, CSC’s Chief Operating Officer, 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.”
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