The owner of Canary Wharf in London has struck a £140million deal to buy the Union Square shopping mall in Aberdeen.
Brookfield, one of the world's biggest real estate companies, is understood to be the preferred bidder for the food and retail hub, which is being sold by Hammerson.
The city centre site - which cost £275million to build and is home to the likes of Hugo Boss, Apple, BrewDog, Zara and H&M - had been valued at £150million by selling agents JLL.
However, it appears that despite a number of interested parties, it will change hands for £140million, according to industry insiders at React News.
Hammerson, which sold off assets for £623million last year as part of a strategy to simplify its portfolio, has continued its programme of disposals in 2022.
The group completed the sale of its two shopping malls at Victoria Leeds to Redical for £120million in February. Prior to that, Hammerson sold Silverburn near Glasgow to Henderson Park and Eurofund for £140million.
It has declined to comment on the prospect of Union Square being sold.
With over £600billion of assets under management, Brookfield operates in over 30 countries and employs more than 150,000 people.
Deals
When Union Square changes hands, it will follow a string of major retail deals in the city.
Aberdeen's Beach Boulevard Retail Park recently changed hands in a deal worth a reported £60million.
Reality Income Corporation bought the site from Abrdn (formerly Aberdeen Asset Management) after a "hotly contested process". It was the US investor's second major purchase in the city, having previously bought the Garthdee Retail Park for £32million.
And earlier this year it emerged that Mike Ashley's Frasers Group has placed a property portfolio - including Berryden Retail Park - up for sale in a move which could fetch upwards of £320million.
Kittybrewster Retail Park is also currently for sale, with an asking price of £46million.
Renewed investor demand for retail parks, which are perceived to be less at risk than high streets from the rise of e-commerce, has seen their value soar since the pandemic.