Falkirk’s Howgate bought for £260 million

The Howgate shopping centre has a new owner''Picture: Michael Gillen
The Howgate shopping centre has a new owner''Picture: Michael Gillen

The Howgate centre has been sold as part of a £260 million deal involving seven shopping malls across the UK.

Retail property investment manager Ellandi has purchased the portfolio, known as ‘Tiger’, from Rockspring Property Investment Managers.

The purchase, concluded just before Christmas, was backed by private equity group Lone Star.

Now operating 19 community shopping centres across the UK, Ellandi has £600 million of assets under its management.

Major tenants within its portfolio includes Debenhams, Marks and Spencer and Morrisons.

Welcoming the acquisition, Morgan Garfield of Ellandi said it was buying “good quality relatively high yielding assets”.

He said: “Our scale within the community shopping centre market will now create a positive feedback cycle to the benefit of our investors, retailers and shopping customers.”

The Howgate opened in 1990 and over the years has proved an attractive acquisition for several investors.