Another Scottish shopping mall has been acquired in a deal involving the US investment arm of Abu Dhabi’s $276 billion sovereign wealth fund.
Mubadala Investment Company owns a 68% stake Fortress which has paid ICG a reported £15 million for Ocean Terminal in Leith, below the market price of £18m.
Ocean Terminal centre is in the midst of a £250m redevelopment which includes 500 homes and public realm sharing the dockside with the Royal Yacht. A third of the building has been demolished, including a former Debenhams store.
The mall opened in 2001 over three floors of leisure, hospitality and retail units. Its tenants include H&M, Boots, Nando’s and Pizza Express, employing more than 625 on-site. It now benefits from a dedicated tram stop.
The sale of Ocean Terminal follows deals for Overgate in Dundee and Braehead in Renfrewshire, both acquired by Frasers Group.
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