The deal is being funded by existing funds held by Capital & Regional, a £16m debt facility, a share offer to raise proceeds of about £23.4m (net of fees, costs and expenses), and the group’s existing cash resources.

Capital & Regional said The Gyle was being acquired at a net initial yield of just over 13.%, which is expected to rebase to around 12%.

Lawrence Hutchings, chief executive of Capital & Regional, said: “This acquisition allows us to capitalise on an opportunity to add an established dual supermarket anchored community centre in Scotland’s capital city to our portfolio.

“We have also identified a number of asset management opportunities to create value including refining the tenant mix, a renewed focus on leasing to improve occupancy and income, whilst enhancing the centre’s appeal to the growing and affluent catchment in south western Edinburgh.”

The firm added that The Gyle was complementary to it’s existing portfolio and offered opportunity for Capital & Regional to apply its “management capability and experience” to improve the retail and services offering.

The Gyle had a customer footfall of 8.6 million in 2022, and is equipped with 2,800 car parking spaces, an upper level food court and a tram system which links the airport to the city centre, the Scotsman reports.