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LONDON-British Land has paid more than £42 million to consolidate its holding sin the St. Nicholas Shopping Centre in Aberdeen, Scotland. It now owns the entire scheme on a ground lease from Aberdeen City Council.

A 40% interest in the centre had previously been owned by BL Universal, BritishLand’s joint venture with GUS. British Land bought out the GUS interest and simultaneously acquired the remaining 60% held by a pension scheme for £31million ($55 million). On the same day British Land paid L&R Partnership £11.6 million ($21 million) to acquire the long leasehold interest in two prime shop units in the centre of the scheme occupied by Next and W. H. Smith.

Bob Bowden, Property Investment Director of British Land, said: “I am delighted to be able to piece together these interests, which will now enable us to consider future development plans for the centre”.

Colliers CRE advised British Land. La Salle Investment Management acted for the pension fund and the adviser to L&R Holding Partnership was Donaldsons.

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