LaSalle Investment Management has acquired two UK outlet centres: McArthurGlen Designer Outlet Cheshire Oaks and McArthurGlen Designer Outlet Swindon, for £600m from Nuveen Real Estate.
Most of the portfolio value is comprised of Cheshire Oaks Designer Outlet, the largest designer outlet in the UK.
The smaller of the two assets, Swindon Designer Outlet, is ranked in the UK’s top 10 centres by turnover.
Blake Loveless, head of value-add investments at LaSalle, said: “We’re thrilled to be working with McArthurGlen on this exciting venture. These are two of Europe’s premier outlets and are well-placed within our value-add strategy, which targets attractive risk-adjusted equity returns for real estate investments across Europe.”
Michael Zerda, head of debt and value-add strategies at LaSalle, said: “This transaction represents the first large-scale acquisition made by LaSalle’s reconstituted Value-Add Investments business line in Europe. We look forward to unlocking the full potential of this portfolio in the years to come for the benefit of our investors.”
And John Ralston, McArthurGlen’s regional director for UK and Canada, added: “Having originally developed and managed the successful McArthurGlen Designer Outlets at Cheshire Oaks and Swindon since their openings in 1995 and 1997 respectively, we are delighted to be working with LaSalle on its new investment. This demonstrates our continued confidence in both Centres and in the outlet sector across Europe.”
