Praxis, the privately owned UK real estate investor and manager, is the frontrunner to buy one of Scotland's largest shopping centres, CoStar News understands.
Praxis is understood to have replaced the Strathclyde Pension Fund and Ediston Property at the front of the bidding. The duo had been in talks to buy the St Enoch Centre in Glasgow.
St Enoch Centre comprises 830,000 square feet of retail and leisure. It is asset-managed by CBRE's Sovereign Centros on behalf of a banking consortium that comprises Morgan Stanley and M&G and is anchored by tenants including Boots, Hamley's and HMV.
JLL is acting on the sale on behalf of the banking consortium with a price of around £65 million expected to be paid.
GCW is understood to be advising Praxis.
GCW, JLL, Praxis and M&G declined to comment.