Livingston Designer Outlet acquired by LaSalle
The Livingston Designer Outlet in Scotland has been acquired by LaSalle Investment Management in a £52 million deal.
The company has bought the outlet centre, which is currently 90% let, from joint owners Land Securities, clients of Aviva Investors, McArthurGlen and the Richardson Property Group.
Built in 2000 by McArthurGlen, the 298,064 sq ft retail and leisure destination is situated in Livingston town centre. With 98 retail and leisure units, the scheme is anchored by Gap, Next, Marks & Spencer and Vue Cinema and has a catchment of over 2 million people.
James Boyd-Phillips, head of retail, LaSalle Investment Management, said: “Situated in one of Scotland’s major retail destinations, Livingston Designer Outlet has the fundamentals to continue to be a thriving centre, supported by our asset management strategy. This is a strong asset which will enhance the breadth of our portfolio.”
Ashley Blake, director of retail portfolio management at Land Securities, added: “The sale of our ground lease interest in the DOC Livingston fits our strategy of recycling capital and reinvesting in assets where we have management control and the ability to pro-actively add value.”
Livingston is situated 18 miles west of Edinburgh on route to Glasgow just off the M8 and A71.
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