Land Securities has exchanged contracts to sell the Overgate centre, Dundee to Legal & General Property for £125.3 million (approx. €150.15 million)
Overgate is the dominant retail center in Dundee, Scotland’s fourth largest city. The fully enclosed shopping centre totals 420,000 ft² (approx. 39,000 m²) of retail space, comprising 70 retail units and two multi-storey car parks with more than 1000 spaces. It is anchored by Debenhams and Primark, and has several other well-known retailers under its roof, including New Look, River Island, TopShop and Superdry.
Charlie Walker, Director of Business Development and Fund Manager at Legal & General Property, said:
‘This investment delivers a strong income profile as a core asset, whilst also providing additional opportunities to drive footfall and alter the tenant mix to enhance the rental tone across the scheme.’
Cushman & Wakefield acted for Land Securities. CBRE acted for Legal & General Property.
Source: Land Securities