We are pleased to announce the successful sale by Forth of the Ocean Terminal Shopping Centre to Resolution Property. After the repayment of debt, settlement of related interest rate swaps and payment of bank and third party fees, Forth will receive approximately £16m of net proceeds from the sale, which is in line with our expectations in what is a challenging market.
Ocean Terminal Shopping Centre, which celebrated its 10th anniversary in 2011, is a 420,000 sq ft enclosed shopping centre located on the edge of the port estate at Leith docks in Edinburgh, hosting several large retailers and other amenities. Home to the Royal Yacht Britannia, Ocean Terminal also welcomes thousands of visiting cruise liner passengers each summer.
The sale of Ocean Terminal permits Forth and its management team to focus on developing the port business both in Scotland and in England.
This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.