A US firm is reportedly taking over a Scots retail mall after it plunged into administration.
East Kilbride Shopping Centre hit the market last year after years of continual store closures amid a downturn in the retail sector.
East Kilbride shopping centre was once home to around 120 brands[/caption]
The vast shopping hub covers 1.2 million square feet and was once home to around 120 brands across several malls.
Popular retailers within the sprawling space include Boots, Carlton Bingo, Deichmann, H&M, HMV, JD Sports, Primark, and an Odeon Luxe cinema.
There is also an ice rink and more than 3,000 parking spaces across multi-storey car parks.
But now a US hedge fund has been named as a buyer for the centre, which is made up of four malls.
“Magnetar, with operating partner Northdale Asset Management, is in talks with administrators to buy the million-square-foot shopping centre for around £27 million,” Green Street News reported.
The massive shopping centre, which went into administration in 2022, is now being advertised by Savills.
The move comes as administrators from Interpath Advisory “stabilised” the shopping centre before putting it on the market, as reported by The Herald.
Savills said: “The council has approved a £62.2 million, 10-year masterplan that will radically transform the shopping and leisure destination into a vibrant, high-quality urban environment.
“A significant portion of the budget, £30 million, will be invested in transportation infrastructure improvements.
“As part of the redevelopment, the neighbouring Centre West Shopping Centre will be converted into a housing development, creating up to 400 new homes in the heart of the town.
“This transformation is expected to drive an annual footfall of approximately 15 million, returning to pre-pandemic levels.
“Progress has also been made on key leases, including agreements with a national supermarket chain and a budget hotel.”
We previously told how East Kilbride Shopping Centre had been branded “tragic” by locals.
Once a hotspot for shoppers, dozens of units now lie empty.
A US firm is reportedly set to take over East Kilbride Shopping Centre[/caption]
