LaSalle Investment Management (“LaSalle”) has acquired two prime outlet centres in the United Kingdom, McArthurGlen Designer Outlet Cheshire Oaks and McArthurGlen Designer Outlet Swindon, for £600m from Nuveen Real Estate.
The investment was made through LaSalle’s growing Value-Add Investments business line. The assets will continue to be managed by McArthurGlen, Europe’s largest manager of premium designer outlets.
Most of the portfolio value is comprised of Cheshire Oaks Designer Outlet, the largest designer outlet in the UK, which benefits from a catchment area of over 14m consumers. Cheshire Oaks is spread over 400k sq ft and made up of over 160 individual units, providing for a best-in-class shopping experience. The outlet caters primarily to premium brands, with Burberry, Polo Ralph Lauren and Nike amongst its key occupiers.
The smaller of the two assets, Swindon Designer Outlet, is ranked in the UK’s top 10 centres by turnover. Located within reach of major cities such as Bristol, Reading and Oxford, the Centre is over 250k sq ft and has a catchment area of 14.5m consumers. The outlet offers visitors over 100 stores, with Tommy Hilfiger, Calvin Klein and Lacoste amongst the occupiers.
Source : LaSalle