Edinburgh‘s Waverly Mall shopping centre has reportedly been sold to South African investor Moorgarth for £23 million.
The shopping centre, which used to be known as Princes Mall until last year when it received a £4 million refurbishment, was bought by Catalyst in 2013.
Following the refurbishment, major retailers like Sainsbury‘s, Tiger and Game were added to the 85,000sq ft property‘s portfolio.
The news comes amid the South African comapany‘s recent push for UK retail property, adding the Parkgate shopping centre in Birmingham to its portfolio for £16 million late last year.
“We are delighted to have exchanged contracts on this key Edinburgh retail asset,” Moorgarth‘s Tim Vaughan said.
“Given its location in the heart of the city centre, there is real potential to develop both its leisure and retail offer.
“Edinburgh is a vibrant city, attracting a high level of domestic and international visitors and we very much look forward to helping Waverley Mall fulfil its potential.”