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Capital Shopping Centres and Peel Group agree deals
Capital Shopping Centres Group has agreed terms on two proposed land deals with the Peel Group.
These are:
* Acquisition of a 30.96 acre site known as King George V Docks (West) adjacent to its shopping centre at Braehead, Glasgow, for £4.7million from Peel controlled Clydeport Properties.
The group says this offers significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead.
* Acquisition for €2.5million from Peel Holdings of a three-year option alongside a refundable deposit of €7.5million to purchase two parcels of land in the province of Malaga, Spain - a 60 acre site which has initial planning consents for the construction of a high-class regional shopping centre and leisure development, and an adjacent 14 acre site which is earmarked for possible future development.
The option gives CSC continuing access to a considerable opportunity to secure a prominent site at a relatively low cost and with minimal risk.
CSC will have a three-year period to assess the opportunity and monitor market conditions.
The transactions are conditional upon shareholder approval as CSC deputy chairman John Whittaker is connected with the Peel Group
