CSC set to expand Braehead shopping centre
Capital Shopping Centres Group is looking to expand its Braehaed Shopping Centre in Glasgow following its agreement to purchase a 31 acre site adjacent to the centre.
The group said in a statement issued today that it had agreed terms with property development company the Peel Group to acquire the King George V Docks site in a deal worth £4.7 million.
CSC said the land “offers significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead.”
The firm is also seeking to acquire two parcels of land in Malaga in Spain, one of which has initial planning consents for the construction of a high-class regional shopping centre and leisure development. The 60 acre and 14 acre sites will be acquired from the Peel Group on an initial three year option at a cost of €2.5 million alongside a refundable deposit of €7.5 million
As John Whittaker, CSC’s deputy chairman and non-executive director, is connected with the Peel Group, the transactions are conditional upon the approval of shareholders.
CSC shareholders will vote on the transactions on Friday 17 February at a general meeting.
