Cumbernauld shopping centre sold out of administration
The Antonine Shopping Centre in Cumbernauld has been sold as a going concern to Beltrace Antonine, a new joint venture company formed to enable the acquisition.
The jv, between Belgate Estates and Tracey Investments, bought the 200,000 sq ft centre for an undisclosed sum. It includes 42 stores and nearly 1,100 car-parking spaces.
The centre will continue to trade as the Antonine Shopping Centre. Anchor tenants include TK Maxx, Next and TJ Hughes.
The Antonine Shopping Centre in Cumbernauld has been sold as a going concern to Beltrace Antonine, a new joint venture company formed to enable the acquisition.
The jv, between Belgate Estates and Tracey Investments, bought the 200,000 sq ft centre for an undisclosed sum. It includes 42 stores and nearly 1,100 car-parking spaces.
The centre will continue to trade as the Antonine Shopping Centre. Anchor tenants include TK Maxx, Next and TJ Hughes.
Administrators at Azets took control of mall owner Bridges Antonine in March following “a period of creditor pressure”.
James Fennessey, restructuring partner at Azets, said: “The sale is an excellent outcome for the Antonine Shopping Centre and we wish the new owners every success with their future plans.
“We would also like to thank the retailers, tenants, staff and customers for their support during the administration which has been essential while we continued to trade the business.”
Scott Howie, director of Beltrace Antonine, said the centre “will be at the heart of North Lanarkshire Council’s plans for revitalising Cumbernauld town centre”.
Howie said: “We have a long-term vision for Antonine which we believe will provide vibrancy to the town and we look forward to working with local stakeholders to ensure the town’s continued success.”
Green & Partners advised Azets on the sale, with Savills instructed on property management matters. Galbraith was among the advisers acting for the buyers on the purchase.
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