Owner says Ocean Terminal not sold, but refinanced – Daily Business

Ambassador Group has announced that it now has 100% ownership of Leith shopping centre Ocean Terminal after a refinancing arrangement and the ongoing backing of an institutional funder.

It said significant investment, understood to be £15m from US-based Fortress, will underpin a £17m commitment to the reconfiguration of the mall and adjoining developments.

Responding to reports that Ocean Terminal had been sold, a spokesman said: “The story circulating last week was wholly inaccurate. Ambassador Group is 100% owner of Ocean Terminal.

“The shopping centre has not been sold – nor has it been acquired by Fortress. It was a refinancing arrangement of debt, not a transfer of ownership of the centre.”

Works completed at Ocean Terminal include the demolition of the former multi-storey car park and Debenhams store, a new footbridge for The Royal Yacht Britannia and a new glass-fronted entrance.

Sustainability upgrades include new EV charging stations in partnership with SSE and a site-wide transition to LED lighting – supporting a more energy-efficient operation.

Chris Richardson, managing director of AIM, Ambassador Group’s investment management division, said: “The significant investment that has been made in the centre, combined with the long-term leases not only our existing tenants have committed to, but also new tenants coming in, reflects confidence in OT as a revived leisure, retail and community hub as well as Leith waterfront as a thriving destination.

“Our newly-established ownership of the centre allows us to deliver on our ambitious vision, establishing OT as a vibrant, pedestrian-focused waterfront destination that brings together a significant new housing provision alongside the centre’s leisure, community, F&B and retail spaces for everyone to enjoy.

“We are excited to lead this next chapter of growth and create a centre that truly anchors the Leith community and local economy.”

The centre is currently anchored by a 12-screen Vue cinema, The Royal Yacht Britannia, Club 3000 Bingo, PureGym and a mix of retail and food & beverage brands. Tesco Express opened in 2025, while the NHS Vaccine Centre has operated from the site since 2020.

Amongst other developments, the immersive entertainment venue Gutterball is preparing to open before the summer.