Scottish shopping centre snapped up by company in huge £40million takeover

An Edinburgh SHOP is about to be acquired by its new owners in a massive £40m takeover.

The Gyle, located on the outskirts of the capital, has been taken over by an investment group called Capital & Regional.

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The group is listed on the London Stock Exchange and has agreed a deal to pay £40 million for the shopping centre, Time report.

This will be the company’s first Scotland location, as it owns several shopping centers to the south.

The famous retail center reopened in 1993.

And it boasts less than 90 stores under its roof, including major retailers like Next, Boots, Costa and Yankee Candle.

Marks & Spencer and Morrisons supermarkets are also present at the location.

Previous owners are considering transforming Edinburgh Park by adding housing, commercial space and a cinema.

But new owners Capital & Regional said there was no immediate need to spend.

However, they plan to reconfigure units and improve car parking accessibility in order to refresh the trading environment.

A £1 million deposit has been put down and the deal could be finalized in a few weeks.

Lawrence Hutchings, chief executive officer of Capital & Regional, believes Gyle will do well from “day one”.

He added: “We have also identified a number of property management opportunities for value creation, including refining our tenant structure, and an innovative focus on leasing to improve occupancy. and income, while enhancing the center’s appeal to the burgeoning and affluent basin south-west of Edinburgh. “

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