The Kingdom Shopping Centre in Glenrothes has new owners.
Luxemburg-based Focus Estate Fund sealed a deal this week with Mars Pension Trustees Ltd, who took over the centre in 2013.
It marks one of the fund’s first UK acquisitions following the buy-out of a shopping centre in Wrexham in March.
And it has been hailed as an opportunity to develop the Fife centre, particularly the empty Co-op building which has fallen in to disrepair since it closed more than a decade ago.
Fife Council economy spokesperson Altany Craik reacted to the news with “cautious optimism”.
He said: “Hopefully this will enable the centre to turn a corner and get some development done.”
Glenrothes Kingdom Centre Co-op top of the agenda for council
The Labour councillor revealed council officers have already been in touch with the new owners.
And he added: “It’s good to have a partner to work with to try to create the kind of shopping centre Glenrothes deserves.
“One of the first things on the agenda is to talk about the empty Co-op building at the bottom end.
“We need to find a way to get it dealt with and start investment.”
A long-held £1 million plan to demolish the site was scrapped in 2019 due to spiralling costs and the discovery of asbestos.
It has since been branded Fife’s worst eyesore and an embarrassment to the town.
However, Mars Pension Trustees Ltd failed to engage with campaigners calling for action.
Glenrothes SNP MSP Jenny Gilruth is requesting a meeting with the new owners to request they are more active in the community.
She said: “The Kingdom Shopping Centre is at the very heart of the community and serves as a central hub in Glenrothes.
“There is a real opportunity here to breathe new life into the centre and bring a welcome boost to the local economy.”
New owners investing across Europe
Focus Estate Fund specialises in non-prime retail properties in western and central Europe.
Run by Ukrainian businessmen, it has been investing in Poland and the Czech Republic for some years.
And it has also expanded into Italy and Spain, with further UK investments in the pipeline.
The Kingdom Centre is Fife’s biggest indoor shopping centre, measuring 430,000 square feet.
Tenants include national chains Boots, Home Bargains, Toy Town and Game.
And it also home to a number of independent traders, such as Jessops Jewellers, Little Thistle Gift Shop and Fife Butchers.
Fife Council-owned Rothes Halls is also based within the centre.
However, there are 21 empty units.
Focus Estate Fund has been approached for comment.
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