Aberdeen's Union Square shopping centre put on the market for £175m

Aberdeen's Union Square shopping centre has been put up for sale for £175m, just two-and-a-half years after it was bought by a US private equity firm.

Lone Star purchased the site for £111m in March 2024 but the reason for the sale is unclear. The firm declined to comment on the sale.

The move comes after a major Marks and Spencer (M&S) expansion and several new store openings.

Estate agent Knight Frank described Union Square as a "huge success story" and a "thriving retail asset".

The centre, which also includes a hotel, cinema and restaurants, opened in 2009 next to Aberdeen's main rail and bus stations.

Charlie Barke, head of capital markets at Knight Frank, said: "Union Square is a huge success story and its recent lettings, substantial tenant investment, rental trajectory and strong trading platform are exactly what you want to see from a thriving retail asset with strong sustainability credentials.

"Combined with a superb economic backstory to this exceptional city, further boosted by recent support for opening-up the oil and gas fields at Jackdaw and Rosebank, the future here looks incredibly bright."