News Item
AWG/WG MITCHELL AND CALA-FM AGREE DEAL
FOR WEST EDINBURGH SHOPPING CENTRE
19 Jul 2007
The CALA Properties/FM Developments joint venture, Westside Plaza Ltd has agreed the sale of Westside Plaza retail and leisure complex in west Edinburgh to the AWG Property & WG Mitchell fund for £23.3 million.
The 200,000 sq ft property includes a shopping centre with 42 retail units, GALA Bingo and Odeon Cinema operations, a hotel/ public house and Shell petrol station. A Job Centre Plus and Council offices at Murrayburn House is also included which extends to 14,252 sq ft. The complex is served by 750 secure car parking spaces.
CALA Properties and FM Developments acquired Westside Plaza retail and leisure centre in August 2006 and, as part of its strategy to improve the centre’s retail offering, secured outline planning consent for a 70,000 sq ft superstore in February 2007.
Alasdair MacConnell, Managing Director of CALA Properties, said: “As part of our pro-active asset management of the centre, we obtained planning permission earlier this year for a new 70,000 sq ft superstore. This enabled us to offer something of tangible value to AWG/ WG Mitchell which will undoubtedly improve the future prospects of the centre. The proceeds will release funds to further develop our asset management and development activity throughout the UK.”
Westside Plaza marks the latest purchase made by the AWG Property/ WG Mitchell £250 million property fund. The second phase of the fund was launched in April this year and has been established to target innovative investment opportunities in Scotland.
Tony Donnelly, Managing Director of AWG said: “This is the fund’s third retail purchase and will become an important asset in our target to build the fund to over £250 million in the next 12-18 months.
“This is the second acquisition in Edinburgh within the last month and takes the expenditure to over £30million, with more to follow. The purchase of Westside Plaza fits in well with our strategy to increase our portfolio of retail assets, which include The Braes in Castlemilk and Shawlands Arcade in Glasgow.
“Our focus for the fund in the future will remain on identifying Scottish opportunities where there is a potential to extract value through effective asset management.”
Kevin Brady, Group Commercial Development Director of FM Developments, said: “Westside Plaza is our second successful project with CALA Properties and we look forward to developing our strong commercial relationship working together in future projects.”
| PR CONTACTS FOR CALA PROPERTIES | |
CALA Group Limited tel: 0131 535 5200 |
Reay Public Relations Ltd. tel/fax: 01369 840042 |
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