Resolution Property has acquired Ocean Terminal Shopping Centre on Edinburgh's waterfront from Forth Ports. No financial details were disclosed but the investment volume is believed to be in the vicinity of £90 mln (EUR 107.4 mln) which would represent a yield in excess of 7.5%.

Ocean Terminal, which celebrated its 10th anniversary in 2011, is a 420,000 sq ft (39,000 m2) enclosed shopping centre anchored on a 100,000 sq ft Debenhams department store. Home to the Royal Yacht Britannia, Ocean Terminal also welcomes thousands of visiting cruise liner passengers each summer.

The acquisition is in line with Resolution’s value-added strategy aimed at proactive asset management and was supported through funding by Lloyds Banking Group. The company will be working in partnership with Forth Ports to promote and bring forward the development of the nine acre Waterfront Plaza site that fronts the centre, forming part of the wider Harbour at Leith Docks in Edinburgh. Currently, the master plan allows for development comprising over 1 million square feet of commercial, leisure, retail and Class 4 business space on Waterfront Plaza.

'Ocean Terminal Shopping Centre is a significant addition to our European retail portfolio,' said Nigel Robson, Partner at Resolution Property. 'We give credit to Forth Ports for the development of a quality destination shopping centre with an excellent retail and catering mix. Leveraging off its current success and the affordable rents, which significantly undercut other retail locations in Edinburgh, we are confident that we can take Ocean Terminal forward and further enhance the retail and catering offer.'

Franc Warwick acted as the investment advisors for Resolution, whilst Douglas Stevens & Co acted as the lettings advisors and will be retained as letting agents alongside CBRE.

Founded in 1998, Resolution Property invests in UK and European commercial real estate with assets under management in excess of EUR 1.6 bn across all real estate sectors and various geographic territories.