The owner of London’s Canary Wharf is to buy Union Square shopping mall for £140 million.
Brookfield, one of the world’s biggest real estate companies, is understood to be the preferred bidder for the food and retail hub, which is being sold by Hammerson.
The Press and Journal revealed earlier this year that Aberdeen’s Union Square was being lined up for a sale by its owner, with property giant JLL understood to have been tasked with finding a buyer for shopping centre.
The city centre site – which cost £275million to build and is home to the likes of Apple, BrewDog, H&M and Zara – had been valued at £150million by selling agents JLL.
Brookfield the preferred buyer
However, it appears that despite a number of interested parties, it will change hands for £140million, according to industry reports.
Hammerson has raked in more than £620m from disposals since the start of 2021.
The group completed the sale of its two shopping malls at Victoria Leeds to Redical for £120million in February. Prior to that, Hammerson sold Silverburn near Glasgow to Henderson Park and Eurofund for £140million.
With over £600billion of assets under management, Brookfield operates in over 30 countries and employs more than 150,000 people.
Number of retail parks up for sale
Union Square is just one of a number of retail properties for sale in the city.
Aberdeen’s Kittybrewster Retail Park is on the market with a £46 million pricetag.
The popular site is home to tenants including Halford’s, B&M, TK Maxx and the recently added JD Sports.
Owners New River instructed Jackson Criss last month to sell the site just three years after buying it.
Mike Ashley’s Frasers Group put Berryden Retail Park in Aberdeen up for sale earlier this year as part of a portfolio expected to fetch upwards of £320m.
US investor swooped for Beach Boulevard park
In February this year the Beach Boulevard Retail Park in Aberdeen changed hands in a deal believed to be worth £60 million.
Its new owner is California-based Realty Income Corporation (RIC), a property trust that invests in free-standing, single-tenant commercial properties in the US, UK and Spain.
RIC acquired the site from abrdn – formerly Standard Life Aberdeen – following a hotly-contested bidding process, according to real estate industry website React News.
It was the US trust’s second major purchase in the Granite City, with it having previously acquired Garthdee Retail Park in a deal worth nearly £33m.