The German open-ended property fund iii Fonds has bought Capital & Regional and Stannifer's Sauchiehall Centre, sited on Glasgow's prime Sauchiehall Street, for£46.3 million.
The Sauchiehall Centre was bought by Capital & Regional as part of a portfolio in 1997, and C&R subsequently won planning consent for a scheme to re-orientate the centre with 35 more units facing on to Sauchiehall Street. Stannifer bought a 50 per cent stake in the scheme last year.
The changes created larger units, while retaining the original tenants - TK Maxx, WHSmith, Superdrug & JJB Sports - in reconfigured units. The centre comprises 19,100 sq m and produces a rental income of nearly£3 million a year.