The new owners of the Kingdom Centre in Glenrothes have pledged to establish it as a premier shopping and leisure destination.
Luxembourg-based Focus Estate Fund bought the indoor mall from Mars Pension Trustees Ltd for an undisclosed sum this week.
And they say it has significant potential for growth to become a “vibrant hub” for visitors and tenants.
The company also hopes to make the centre greener and more sustainable through the use of solar power.
Maxim Shkolnik, general partner of Focus Estate Fund, said: “We’re thrilled to welcome the Kingdom Shopping Centre into the Focus Estate Fund family.
“Recognising the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the town’s development.
“As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with the local authority, creating a vibrant hub for locals, visitors and tenants alike.”
Mission to improve Kingdom Centre in Glenrothes
The purchase follows a period of decline for the centre, which houses both national chains and independent retailers.
In particular, the Co-op building has fallen into significant disrepair since it closed more than a decade ago.
And it is now described as an embarrassment to Glenrothes.
Mr Shkolnik added: “Our mission is to continuously improve and innovate, establishing it as the premier destination for shopping, leisure and community engagement.”
The Kingdom Centre is Focus Estate Fund’s second UK shopping centre.
It follows the purchase of Island Green retail park in Wrexham, Wales, in March.
And the firm says it is dedicated to broadening its global portfolio.
Chance to boost the economy
Gordon Mole, Fife Council’s head of business and employability, says the council will work closely with the Fund.
And Glenrothes MSP Jenny Gilruth has hailed the purchase as a chance to breathe new life into the centre and boost the local economy.
The 430,000 square feet mall is in a prime town centre location.
And tenants include the Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland and Poundland.
Conversation