The Ocean Terminal complex in Edinburgh has been acquired by Fortress Investment Group, a New York-based firm, for just over £15 million, according to reports. The property was marketed last year at offers over £18 million, as reported by Green Street News. The sale process covers about 277,435 square feet following the demolition of around a third of its size, and the complex was reduced by about a third of its mass after the demolition of Debenhams, according to sources.
75 million remodelling, as reported. Ocean Terminal is at the centre of a £250 million redevelopment which includes 500 new homes, according to reports. In 2022, a planning application for partial demolition and redevelopment of Ocean Terminal was approved.
The owner said in 2022 that a key focus would be residential amenity with secure courtyard gardens and raised terraces. Ocean Terminal cost around £120 million to build 25 years ago. It was opened in 2001 and currently occupies three floors of leisure, hospitality and retail units.
Its tenants include H&M, Boots, Nando's and Pizza Express, employing more than 625 on-site, according to reports. The Royal Yacht Britannia visitor attraction is investing in a new retail centre and visitor experience at Ocean Terminal. Green Street News described the Mubadala Investment Company Ocean Terminal deal as 'somewhat leftfield'.
In 2024, Mubadala completed the acquisition of a 68% stake in Fortress from SoftBank Group, with Fortress' management retaining the other 32%, as reported. Mubadala announced a $1 billion strategic partnership with Fortress to co-invest in its private credit, asset-based lending and real estate deals. ' ICG is conducting separate negotiations with a different buyer over the housing development plan for the 530 homes next to Ocean Terminal, as reported.
The Ocean Terminal selling agent was JLL. In related Scottish retail property news, Silverburn shopping centre was under offer, and Braehead Shopping Centre was sold. Both Silverburn and Braehead Shopping Centre were reported to be acquired for around £200 million.