Aberdeen’s Union Square shopping centre has been put up for sale for £175million – just two-and-a-half years after changing hands for £111million.
US private equity firm Lone Star has appointed property consultancy Knight Frank to manage the disposal of the landmark city centre mall, Morning Bulletin understands.
The £175million price tag represents a £64million increase on the sum Lone Star paid to acquire Union Square from Hammerson in March 2024.
Union Square, which opened in 2009, is one of Aberdeen city centre’s most significant commercial properties and combines traditional shopping centre space with restaurants, leisure facilities and a retail park.
The centre is home to major brands including Apple, Zara, H&M and M&S, alongside a Cineworld multiplex.
Its latest sale process comes amid renewed investment activity in Aberdeen’s commercial property market.
Lone Star bought the centre through its Real Estate Fund VI in February 2024
It had originally been placed on the market by developer and then-owner Hammerson in 2022, when it was seeking around £150million.
Canadian investment giant Brookfield was previously lined up to buy the centre for around £140million, but that transaction did not complete.
Lone Star subsequently struck a deal at £111million - and following a buoyant spell of occupation, including the new headquarters if M&S, the global private equity investor is looking to cash in.