A SCOTTISH shopping centre is set for a £10 million makeover after changing hands.

A joint venture between investors ICG Real Estate and the Ambassador Group has taken control of the Ocean Terminal in Edinburgh, removing Resolution Property from any involvement.

Discussions have been taking place during lockdown to negotiate new deals with tenants, including Vue Cinemas, Debenhams, French Connection, GAP and H&M, the new owner of the 420,000 sq ft site said.

READ MORE: Ocean Terminal in line for £6m expansion 

Kevin Crowley, head of partnership Capital UK at ICG Real Estate, said: “A lot of retail assets in the UK may be distressed from an occupational point of view, but many owners are also distressed having third party debt and private equity ownership.

“At Ocean Terminal you now have two well-capitalised counterparties and no third-party debt.

“We have allocated £10m to invest in the asset.

“As a result, when we have been having discussions with tenants, those talks have been focused on what is the best long-term strategy for the asset, rather than what’s good for short term cashflow.”

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The new owners said it wants the complex to be “community-focused”, serving the expanding residential areas in the north of Scottish capital.

Plans to rename the Britannia mooring site Porta have been dropped.