The Bon Accord Centre in Aberdeen has been sold to EP Properties, led by Zakir Issa - brother of EG Group bosses Mohsin and Zuber Issa, who own Asda.
The value of the deal was not disclosed, but it is understood that the shopping centre changed hands for less than £10m.
The city centre mall, which was owned and operated by two Guernsey-based companies, fell into administration last August.
Joint administrators Azets confirmed the sale, which followed the owners collapse due to “unsustainable cash flow problems stemming from the ongoing impact of the Covid pandemic, rising operational costs and intense retail competition”.
A spokesman for Blackburn-headquartered EP Properties confirmed that the company now owns the Bon Accord Centre, but declined to provide any further information on the deal.
EP Properties has a commercial property portfolio across the UK, which also includes Blantyre Industrial Estate near Glasgow.
The sale follows an announcement that the former John Lewis department store in Aberdeen could also soon have a new owner.
Norco House is now under offer, Savills confirmed, although no more information on future plans was disclosed.
The building, which is now more than 50 years old, extends to more than 200,000 sq ft over five floors, but it has had an uncertain future since John Lewis closed the site in 2021.
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