Edinburgh's Ocean Terminal shopping centre sold to major US investor
One of Edinburgh’s best known shopping centres has reportedly been acquired by a major US investor.
It is understood Ocean Terminal in Leith has been sold to American investment firm Fortress, in a deal ‘just north of £15 million’ - a sale below its reported market price of £18m.
The news was revealed by real estate publication Green Street News, which reported Fortress, a company ‘majority owned’ by UAE firm Mubadala Investment Company, acquired the site from previous owners ICG.
First opened in 2001, current tenants at the complex include Vue Cinema, H&M, Club 3000 Bingo, Nando’s and Pizza Express, employing more than 625 people on-site.
In 2024, a new lease was agreed which would see the Royal Yacht Britannia remain at the site for 25 years, with the attraction also having opened a new exhibition space and shop at Ocean Terminal last year.
A £250m redevelopment of the site has seen the demolition of the former Debenham’s store and multi-storey car park, with ongoing plans including the construction more than 500 new homes and commercial space, including a Tesco supermarket.
It is understood the deal does not include the sale of the upcoming housing development plan.