Grosvenor buys Scottish Forge to boost fund pot

Grosvenor has bought the 453,000 sq ft (42,085 sq m) Forge Shopping Centre at Parkhead, Glasgow, from a consortium headed by Apollo Real Estate.

The group will inject the scheme into its Grosvenor Shopping Centre Fund, taking the fund value to£500 million.

The Apollo consortium only bought Forge last year, for a reported£100 million. Neither party would confirm the price paid this time, but investment agents speculate that Grosvenor has paid about£120 million.

First opened in 1988, the centre has more than 80 units, with brands including Dunnes Stores, Asda and Littlewoods.

It also has a seven-screen UCS cinema complex and 1,800 parking spaces.

Grosvenor retail fund manager Tony Christie said: 'The Forge fits exactly the criteria for the fund, which targets town centre locations offering prime retail pitches.'

DTZ Debenham Tie Leung acted for Grosvenor. Strutt & Parker advised the vendors.