Premier Property Group, the property vehicle of Glasgow Rangers chairman David Murray, has paidÂŁ36.7 million for the Princes Mall centre on Princes Street, Edinburgh.
The purchase price reflects an initial yield of about 6 per cent.
The underground shopping centre, linking Princes Street to Waverley station, has been sold by Haslemere, which has been selling off its retail portfolio since its takeover by Israeli-owned investor Brack Capital.
Consent exists for a 43,000 sq ft (3,995 sq m) extension to the mall, taking it further under Princes Street. The new owner is understood to have plans for a refurbishment to coincide with the extension, with the aim of making the mall more attractive to mainstream retailers.
Cushman Wakefield Healey & Baker advised Haslemere. Smolka & Co acted for PPG.
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