Forth Ports has announced that it has sold the Ocean Terminal shopping centre on Leith Docks to property firm Resolution for an undisclosed sum.

The new owners already hold a number of other shopping centres, offices and leisure facilities throughout the UK, including the Great Western Retail Park in Glasgow.

Arcus Infrastrucutre Partners, which bought Forth Ports in March last year for £760m, announced that they would sell Ocean Terminal soon afterwards in order to focus on developing Leith Docks as a renewable energy and transport hub.

The Ocean Terminal deal could hold the key to unlocking further development in the land around the shopping centre, which already has outline planning consent for over 1 million square feet of commercial, leisure, retail and business space.

The deal was supported through funding by Lloyds Banking Group.

Charles Hammond, Chief Executive of Forth Ports, said: “We and our owners believe there is significant potential for Forth Ports to develop our ports business both in Scotland and in England, capitalising on their strategic locations and other emerging commercial opportunities, particularly in the renewables sector.

“As such, while Ocean Terminal is a valuable asset, it is clear that its future will be better served under new ownership and we are delighted that it has been acquired by a new owner with the retail pedigree of Resolution.

“We will work with Resolution to ensure that the potential of Ocean Terminal, Waterfront Plaza and the wider Harbour area as a whole is fully realised.”

Nigel Robson, Partner at Resolution Property, said: “Ocean Terminal Shopping Centre is a significant addition to our European retail portfolio.

“We give credit to Forth Ports for the development of a quality destination shopping centre with an excellent retail and catering mix.

“We are confident that we can take Ocean Terminal forward and further enhance the retail and catering offer.”

Cllr Tom Buchanan, Convener of the Economic Development Committee, said: "We welcome the specialist retail experience Resolution bring to Ocean Terminal.

"I look forward to working with them as potential partners in the proposed Tax Incremental Finance projects to provide infrastructure in Leith.

"Investment by Forth Ports in Leith Docks, alongside the development of Waterfront Plaza and Western Harbour, present an exciting and very real opportunity for a truly sustainable and prosperous future for Leith."

The Scottish Government announced last week that the Leith Docks area is to be designated as a Local Enterprise Area.

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