Retail real estate firm Capital Shopping Centres (CSC) looks set to expand its Braehead shopping centre in Glasgow, as details of a deal to purchase a 31 acre site adjacent to the mall emerged today.
The site known as King George V Docks (West) is currently owned by property and infrastructure firm Peel Group with a provisional transaction of £4.7 million now been agreed between the two parties.
CSC is also looking to acquire to parcels of land in Malaga, Spain from Peel Group for an initial three year option worth €2.5 million alongside a refundable deposit of €7.5 million.
As John Whittaker, Peel Group Chairman, holds a stake in CSC, its shareholder will need to grant approval for both deals before they can be completed.
A statement from CSC this morning said that the piece of land in Scotland represents “significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead”.
With new shopping centre developments almost non-existent at present, CSC is concentrating on active management projects with Braehead previously earmarked for expansion.
The property company has been growing its overall retail selling space at sites such as the Victoria Centre in Nottingham and at Cardiff’s St David’s, and last summer it was revealed that around £128 million had been put aside to add 1.4 million sq ft to existing centres across its portfolio.
CSC will hold a vote on the transactions on Friday February 17th 2012 at a general meeting, with the board set to recommend that shareholders approve the deals.