Published: 07/03/2013 16:39 - Updated: 07/03/2013 17:00

New owner for Inverness shopping centre

The Eastgate shopping centre in Inverness has a new owner.
The Eastgate shopping centre in Inverness has a new owner.

The Eastgate shopping centre in Inverness has been taken over by a new owner as part of a £250 million business deal.

UK-owned real estate fund manager, F&C REIT, has bought the mall from property development and investment firm Grosvenor.

The centre was built in two phases by Royal & Sun Alliance - a client of F&C REIT - and the acquisition will give its team an opportunity, once again, to take an active role in the centre’s management and development. The new owners have pledged to work with the local community in future developments.

The mall is currently celebrating its 30th Anniversary. It is also 10 years since the second phase was opened by the Earl of Inverness, Prince Andrew.

Royal & Sun Alliance subsequently sold the centre, which covers 320,000 sq ft, to Grosvenor in 2005.

Joanne Wilkes, of F&C REIT, welcomed completion of the deal which also includes shopping centres in Grimsby and Burton-on-Trent.

"We are delighted to be taking an active role in one of the country’s top shopping destinations and look forward to working with our customers and the local business community to ensure Eastgate is managed and developed with everyone’s best interests at heart," she said.

"We are confident that we can use our expertise to strengthen the centre’s position as the retail centrepiece of the region and we will be engaging closely with the Highland Council in an effort to do so."

* Buy tomorrow's Inverness Courier for more on the centre's story.

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