Capital Shopping Centres takes full control of Xscape venture in £4m deal

Busy Shoppers - Birmingham, UK

UK regional shopping centre real estate investment trust Capital Shopping Centres Group Plc (LON:CSCG) said Thursday it had reached an agreement to buy the 50% stake in Xscape Braehead Partnership it did not already own.

The company agreed to acquire the stake from property firm Capital & Regional Plc (LON:CAL) for GBP4m (USD6.5m/EUR4.9m).
The target is the owner of a 370,000-square-foot (34,374 sq m) family entertainment destination adjacent to the Braehead shopping centre.

Xscape Braehead features snow slopes, bars, restaurants, a cinema, family attractions and extreme activities.

Xscape Braehead Partnership had gross assets of GBP56.7m as at end-June 2012, including property valued at GBP53.5m. The amount of debt secured on the property as of that date stood at GBP45.6m.

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