Lone Star Funds has put Union Square shopping centre in Aberdeen on the market for around £175 million.

The price tag represents a £64 million increase on the £111 million Lone Star paid to acquire Union Square from Hammerson in March 2024.

Union Square, which opened in 2009, is home to major brands including Apple, Zara, H&M and M&S, alongside a Cineworld multiplex.

Charlie Barke, head of capital markets at Knight Frank, which has been appointed to market the centre, 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.”