Johannesburg – Capital Shopping Centres [JSE:CSO] has agreed terms to acquire Capital & Regional’s 50% interest in Xscape Braehead in Glasgow for £4.0m‚ the company said on Thursday.
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‚” CSC said.
The Xscape Braehead Partnership had gross assets of £56.7m at 30 June 2012 including property valued at £53.5m‚ with debt of £45.6m secured on the property.
Th e Xscape Braehead Partnership generated net rental income of £3.2m and profit before tax of £3.4m‚ including a £2.8m gain on revaluation of property in the year ended 31 December 2011.
Commenting on the acquisition Mike Butterworth‚ CSCs 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 regenerationto the benefit of the local community."
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