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Last Updated: Tuesday, 11 December 2007, 16:43 GMT
Council sells shop stake for 23m
Thistle Centre sign
The council sold its stake in the centre for 23m
Stirling Council has sold its stake in the city's Thistles Shopping Centre for 23m.

The local authority said it would use the money to fund community projects and pay off some of its debt.

The centre, which attracts more than 200,000 shoppers every week, opened its doors in 1977 and was one of the first covered shopping areas in the country.

The Thistles currently provides about 500,000 sq ft of space and houses more than 50 retailers.

For more than 30 years the local authority has been collecting income from the leasing of retail units.

The sale to UBS Secure Income Property Fund was completed last week.

Stirling councillor Colin O'Brien said the move to sell that interest would generate income for other council projects.

He said: "It will allow us to reinvest the proceeds in the creation of new assets for our communities, such as the new sports village and other projects which will advance our plans for the improvement of services for our community."

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