LaSalle Investment Management has announced that it has acquired Livingston Designer Outlet from joint owners Land Securities, clients of Aviva Investors, McArthurGlen and the Richardson Property Group for £52 million (approx. €60.4 million).
Livingston Designer Outlet was built in 2000 by McArthurGlen and is a 298,064 ft² (approx. 27,700 m²) retail and leisure destination located in Livingston’s town center, West Lothian, one of the major retail destinations in Scotland. The scheme is anchored by Vue Cinema, Gap, Next and Marks & Spencer with a diverse offer of medium to high-end national and international brands.
Livingston Designer Outlet is comprised of 98 retail and leisure units including a fully refurbished food court and the eight screen cinema. It attracts a wide catchment of over two million people within a 45 minute drive time and provides 1,755 public parking spaces within a multi-storey car park as well as a further 502 ‘pay and display’ surface car park spaces.
James Boyd-Phillips, Head of Retail, LaSalle Investment Management commented, “Situated in one of Scotland’s major retail destinations, Livingston Designer Outlet has the fundamentals to continue to be a thriving center, 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, said: “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 located 18 miles west of Edinburgh on route to Glasgow just off the M8 and A71. The town is serviced by two railway lines accessed by Livingston North and South railway stations.
Briant Champion Long advised LaSalle Investment Management whilst DTZ advised Land Securities and Aviva Investors.
Source: Land Securities