BCSC 2015: Blackstone and Sovereign Land are exploring the possibility of the sale of the St Enoch shopping centre in Glasgow, Scotland.
The joint venture is reviewing its options and considering cashing in on the improvement in the regional shopping centre market.
If they decide to sell then the 850,000 sq ft Scottish mall could be valued for as much as £250m – a 6% yield. The valuation reflects a £60m increase on the £190m it paid for the centre in 2013.
No agents have formally been appointed but JLL, which worked with the duo on the acquisition of the shopping centre, are considered to be the most likely advisor for the process.
St Enoch sits on Buchanan Street, Glasgow’s prime retail pitch. A 250,000 sq ft extension was competed in 2010 under Ivanhoé Cambridge’s ownership and it is anchored by Hamleys, H&M and Debenhams.
