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Commercial property collective M Core has acquired <a href="https://completelyretail.co.uk/scheme/westhill-shopping-centre-aberdeen-6084">Westhill District Centre</a>, near <a href="https://completelyretail.co.uk/shops-to-rent/aberdeen">Aberdeen</a>, in its second significant acquisition in Scotland this year.



The 61,332 sq ft centre comprises 28 retail units and six office suites, with anchor tenants including Home Bargains and an M&amp;S Simply Food store. LCP, part of M Core, will oversee the management of the district centre.



The news follows <a href="https://news.completelyretail.co.uk/m-core-snaps-up-glasgows-princes-square/">M Core's acquisition of Princes Square</a> in <a href="https://completelyretail.co.uk/shops-to-rent/glasgow">Glasgow</a> earlier this year.



James Buchanan, managing director of LCP, said Westhill's proximity to Aberdeen, Scotland's third-largest city, was a catalyst for heightened foot traffic against the backdrop of a buoyant Scottish retail sector, which saw a 4.6% year-on-year sales increase as of July 2023.



M Core says it has invested over £275 million in the past 12 months across UK commercial real estate. Notable acquisitions include <a href="https://completelyretail.co.uk/scheme/the-centre-livingston-3656">The Centre Livingston</a>, <a href="https://completelyretail.co.uk/scheme/cwmbran-shopping-centre-cwmbran-3980">Cwmbran Centre</a>, <a href="https://completelyretail.co.uk/scheme/the-galleries-shopping-centre-washington-4839">The Galleries Washington</a>, and <a href="https://completelyretail.co.uk/scheme/three-spires-shopping-centre-lichfield-4994">Three Spires Lichfield</a>. The group said it has £500m for investments ranging between £2m and £250m, and is actively seeking new sites for acquisition.



Simon Lewis of Lewis Ellis acted for M Core. Savills and DLA advised the vendor.

M Core acquires Scottish district centre

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Hammerson has agreed to a £111m sale of <a href="https://completelyretail.co.uk/scheme/union-square-aberdeen-5038">Union Square</a> shopping centre in <a href="https://completelyretail.co.uk/shops-to-rent/aberdeen">Aberdeen</a> to an affiliate of Lone Star Real Estate Fund.



The sale of the 560,000 sq ft shopping centre is expected to complete in the first quarter of the financial year.



Hammerson said the sale price represents an 8% discount to the book value at the end of 2023 of £121m, and a net initial yield of 11%. The property developer added that the proceeds of the disposal will look to strengthen its balance sheet by reducing net debt and provide additional capacity for reinvestment into its core portfolio.



The sale of Union Square concludes Hammerson's £500m non-core disposal programme, which it set out at the beginning of 2022.

Hammerson concludes disposal programme with £111m Union Square sale

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