A going-concern sale has been secured to save the Antonine Shopping Centre in Cumbernauld.
Beltrace (Antonine), a new joint venture company between Belgate Estates and Tracey Investments, has been formed for the purposes of the acquisition.
The deal, which is for an undisclosed sum, includes the 200,000 sq ft shopping centre and all connected assets, including 42 retail units and nearly 1,100 car parking spaces.
The centre - built in 2007 - will continue to trade as The Antonine and hosts tenants including TK Maxx, Next and TJ Hughes. Annual footfall is currently more than 3.5 million people.
Previous owner Bridges Antonine filed for administration in March following a period of creditor pressure during the pandemic.
James Fennessey, restructuring partner with Azets, said: “The sale is an excellent outcome for the Antonine Shopping Centre and we wish the new owners every success with their future plans.
“We would also like to thank the retailers, tenants, staff and customers for their support during the administration which has been essential whilst we continued to trade the business.”
Scott Howie, director of Beltrace, said: “We are delighted to have acquired this excellent regional shopping centre which will be at the heart of North Lanarkshire Council’s plans for revitalising Cumbernauld town centre.
“We have a long-term vision for Antonine which we believe will provide vibrancy to the town and we look forward to working with local stakeholders to ensure the town’s continued success.”
Advisers on the transaction on Azets' end were Shepherd and Wedderburn (legal), Savills (property management) and Green & Partners (property sale advice).
On Beltrace's side it was Galbraith (property purchase adviser), IH PIM (adviser to the joint venture) and Burness Paul (legal).
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