HSBC Alternative Investments Limited, part of HSBC, has completed its acquisition of a shopping centre in Livingstone, Scotland, another such “club deal” programme it executes for private clients.

HSBC Alternative Investments Limited, part of HSBC, has completed its acquisition of a shopping centre in Livingstone, Scotland, another such “club deal” programme it executes for private clients.

The property, called The Centre, was bought from Land Securities for £224.1 million (around $340 million); this is the third deal that HAIL has completed alongside Hines, the international real estate business, which is acting as asset manager, HSBC said in a statement today.

The Centre is described as “one of the most established, dominant regional shopping centres in the British Isles”. HAIL has, as part of the transaction, also acquired the adjacent open A1 retail park, Almondvale West, taking the total acquisition to over 1 million square feet.

HSBC said the HAIL Club Deal programme is designed to provide HSBC’s private clients with opportunities to access prime real estate globally, which is typically dominated by institutional-style investors.

This transaction follows HAIL and Hines’ 72.8 per cent stake purchase of Ireland’s Liffey Valley Shopping Centre in February this year and the purchase in 2012 of Broadgate Quarter in the City of London.  Earlier HSBC Club Deals have provided HSBC clients with access to real estate opportunities in Washington DC, New York and London.

HAIL and Hines were advised by Cushman & Wakefield and Scoop Asset Management. Pinsent Masons acted as UK and Scottish legal advisers and Carey Olsen acted as Guernsey legal counsel in respect of the transaction.