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Hercules Takes $350M Glasgow Fort

LONDON-Pillar Property and Capital & Regional, the UK's top two out-of-town retail developers,have agreed to sell the Glasgow Fort shopping park to the Hercules Unit Trust for £194.7 million ($350 million).

By Graham Parker | Updated on April 04, 2004

LONDON-In the biggest-ever single-asset transaction in the retail park market, Pillar Property and Capital & Regional have agreed to sell the Glasgow Fort shopping park to the Hercules Unit Trust for £194.7 million ($350 million). The sale of the 378,000 sf Open A1 shopping park is subject to approval by the Hercules unitholders and Glasgow City Council.

The park, located at Junction 10 of the M8 Motorway, is currently under construction and completion of Phase One is due at the end of October 2004. It will provide 300,000 sf of non-food retail space with no restrictions on use or unit size. Planning also exists on Phase One for 62,700 sf of leisure and 15,000 sf of food and beverage use. The total development costs are in the region of £142 million.

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