James Fennessey, Colin Haig and Matthew Richards, partners with leading accountancy firm Azets, have secured a going-concern sale of the Antonine Shopping Centre in Cumbernauld, to Beltrace (Antonine) Ltd, a new joint venture company between Belgate Estates and Tracey Investments Ltd which were formed for the purposes of the acquisition.
The deal, which is for an undisclosed sum, includes the sale of the 200,000sq ft shopping centre, all connected assets, including 42 retail units and nearly 1,100 car parking spaces. The centre will continue to trade as The Antonine Shopping Centre. The Centre hosts a diverse range of tenants including national high street retailers, specialist shops, cafes and anchor tenants TK Maxx, Next and TJ Hughes.
James Fennessey, restructuring partner with Azets, said: “We are delighted to have secured a sale of the Antonine Shopping Centre which is one of Scotland’s leading regional shopping centres with a range of high-quality tenants and a very strong brand name across Central Scotland. 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 whilst we continued to trade the business.”
Scott Howie, director of Beltrace (Antonine) Ltd said: “We are delighted to have acquired this excellent regional shopping centre which will be at the heart of North Lanarkshire Council’s plans for revitalising Cumbernauld town centre. 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.”
Advisers on the transaction were:
Azets – Shepherd and Wedderburn (Legal); Savills (Property Management); Green & Partners (Property sale adviser)
Beltrace (Antonine) Ltd – Galbraith (Property purchase adviser); IH PIM (adviser to the JV); and Burness Paul (Legal)
