A sibling of the billionaire Issa brothers is reported to be poised to buy the Bon Accord shopping centre in Aberdeen from administrators for less than £10million.

It is understood a property company led by Zakir Issa - brother of EG Group bosses Mohsin and Zuber, who own Asda in a joint venture with TDR Capital - is in advanced talks to purchase the mall.

The Press and Journal says Mr Issa is believed to have agreed a deal.

The centre, which was owned and operated by two Guernsey-based companies, Aberdeen Retail 1 and Aberdeen Retail 2, crashed into administration last August.

The joint administrators at accountant and business advisor Azets said the collapse was due to "unsustainable cash flow problems stemming from the ongoing impact of the Covid pandemic, rising operational costs and intense retail competition".

Sevket Sabanci, the Turkish billionaire behind Esas Holding, had added the shopping centre to his business empire nearly 10 years ago. Mr Sabanci died in July 2021, aged 85.

Portfolio

Mr Issa's company, EP Properties, has a commercial property portfolio across the UK, with the only current Scottish site being Blantrye Industrial Estate near Glasgow.

The firm's website says it is a UK-based investment company which specialises in acquiring, letting and selling commercial property.

EP Property's plans for the Bon Accord are unknown.

The P&J reports that Mr Issa's potential acquisition is not linked to his brothers' EG Group or any affiliated entities.

Bon Accord, which was built in 1990, had average annual footfall of 15million visitors before the pandemic struck.

A spokesman for the joint administrators said it was still business as usual at the mall, with trading continuing as normal.

Administrators say no sale yet

He added: "There has not been a sale of the development in whole or in part. Any update will be announced in due course, if appropriate, by the joint administrators."

When news broke of the administration Ryan Crighton, policy director at Aberdeen & Grampian Chamber of Commerce, said swift action was needed from government to arrest the decline in Scotland's high streets.

He said the administration was a concerning development, but added that there had been precedent set with other centres in the UK trading through administration for extended periods, which offered hope.

Mr Crighton went on: "The Bon Accord Centre has been at the heart of Aberdeen's retail offering for over 30 years - and that must continue. However, if people want a vibrant city centre, this should serve as a clear 'use it or lose it' warning.

"After years of regressive policies which have starved our high streets of footfall, we now need innovative solutions to get people back into our city centres to live, work and play."

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