Resolution Property is planning a return to the UK shopping centre investment market with the potential acquisition of Ocean Terminal shopping centre on Edinburgh’s waterfront.
Robert Laurence’s property firm is in advanced talks to buy the 420,000 sq ft mall for around £95m.
It is thought to have beaten off competition from fund manager Infrared Capital Partners, which was recently spun out of HSBC, and US pension fund Teachers.
As revealed by Estates Gazette, Forth Ports brought Ocean Terminal to the market in July for £100m – a 7% net initial yield. The sale includes adjacent land, Waterfront Plaza, which has planning consent for commercial and residential redevelopment.
Ocean Terminal, which was developed in 2001, is anchored by a 100,000 sq ft Debenhams.
Jones Lang LaSalle advises Forth Ports.
All parties declined to comment.
annabel.dixon@estatesgazette.com
