HSBC Alternative Investments (HAIL) has invested 拢224.1m in a Scottish shopping centre and retail park on behalf of its so-called 鈥檆lub deal programme鈥�.
sold The Centre, in Livingston alongside the Almondvale West retail park. Hines will asset manage the investments, which total one million sqft, for HAIL.
The deal is HAIL鈥檚 third with Hines.
Paul Forshaw, head of real estate fund management at HAIL, said the purchase gives clients access to 鈥渟ignificant real estate investment opportunities that might otherwise be inaccessible, or too large, for individual investors to acquire or manage on their own鈥�.
The transaction follows HAIL and Hines鈥� 72.8% stake purchase of Ireland鈥檚 Liffey Valley Shopping Centre in February this year, and the purchase of Broadgate Quarter in the City of London in 2012.
Assets have also been bought in Washington DC, New York and London.
The centre, Scotland鈥檚 second-largest covered shopping centre, is fully-let to 160 retailers.
For Land Securities, the sale is part of a move towards dominant regional retail and greater London assets, said Scott Parsons, managing director of retail.
The UK real estate investment trust (REIT) paid Lend Lease 拢656m (鈧�818m) for a stake in Kent retail asset Bluewater .
Land Securities is moving away from assets that it deems have future income risks and towards long-term, sustainable income, analysts at JP Morgan observed.
