LaSalle Investment Management ('LaSalle') today announces that it has acquired Mercat Shopping Center in Kirkcaldy and three retail units on the town's High Street on behalf of a client from joint administrators, Blair Nimmo and Gary Fraser of KPMG.
Mercat Shopping Center is a 200,000 ft² (18,580 m²) covered multi-let shopping center comprising of 62 retail units. The center is currently home to 49 retailers, including Marks & Spencer, BHS, Home Bargains, Argos, Poundland and Peacocks. The scheme is located in the heart of Kirkcaldy's town center and a short walk from the bus station.
LaSalle believes there is an excellent opportunity to attract additional retailers to the existing strong tenant line-up and to continue successful trading within the scheme.
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in Scotland, said, "We are pleased to have traded the Mercat Shopping Center during our time as administrators and believe this sale is a positive development for Kirkcaldy as it will allow the Center to continue trading."
Andrew Bull, Fund Manager at LaSalle said, "We are delighted with this acquisition on behalf of our client. Mercat Shopping Center is located in a strong town with good retailer demand. We are looking forward to attracting more retailers and working with our existing ones for the benefit of both shoppers and tenants in the town."
LaSalle was advised by BNP Paribas and KPMG by Eric Young and Company.
Source: Citigate Dewe Rogerson