CSC plans two more deals with Peel

Published:  25 January, 2012

CSC has cemented its ties with Peel after the acquisition of the Trafford Centre, buying sites in Glasgow and Malaga

Capital Shopping Centres has agreed terms on two proposed transactions with the Peel Group. In Glasgow it will pay £4.7m for a 30.96-acre site known as King George V Docks (West) adjacent to its Braehead shopping centre. It said the land “offers significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead.

At the same time CSC is paying Peel Holdings €2.5m for a three-year option alongside a refundable deposit of €7.5m for two parcels of land in the province of Malaga, Spain. The 60-acre site has initial planning consents for a regional shopping centre and leisure development, while an adjacent 14-acre site is also earmarked for possible future development.

As John Whittaker, non-executive deputy chairman of CSC, is connected with the Peel group, the deals are conditional on the approval of shareholders and a general meeting will be held on Friday 17 February 2012 to vote on the transactions.

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