STV NewsA shopping centre in Aberdeen has been put up for sale, just two and a half years after its current owners purchased the site.
Union Square, located near the city’s harbour, was built in 2009 and is home to brands such as Zara, Mango, Schuh and Victoria’s Secret.
The centre is also home to Aberdeen’s flagship Marks and Spencer store, following the closure of the brand’s city centre building after more than eight decades.
US private equity firm Lone Star bought the 550,000 sq ft shopping mall back in March 2024 from its previous owner, Hammerson, for around £111m.
Now, just two and a half years later, Long Star is selling up.
They have appointed Knight Frank to handle the sale and are looking for £175m, a £64m increase on the previous price.
According to Aberdeen and Grampian Chamber of Commerce, the sale comes amid renewed interest in the city’s commercial property market.
Union Square is still awaiting the opening of a brand-new IKEA store, which will be housed in the former Decathlon store.
Union Square has been contacted for further comment.
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