Cheshire Oaks designer outlet sold part of a £600m deal
A Chicago based real estate investment firm has bought Cheshire Oaks designer outlet as part of a £600m double deal.
LaSalle Investment Management has confirmed the acquisition of McArthurGlen Designer Outlet Cheshire Oaks and McArthurGlen Designer Outlet Swindon, from Nuveen Real Estate.
Reports of the deal emerged in January this year, but LaSalle confirmed the acquisition today, April 21 according to thebusinessdesk.com
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 the 400,000 sq ft Cheshire Oaks Designer Outlet, the largest designer outlet in the UK.
Cheshire Oaks is spread over 400,000 sq ft and made up of more than 160 individual units.
The outlet has 160 individual units catering primarily to premium brands, with Burberry, Polo Ralph Lauren and Nike amongst its key occupiers.
LaSalle intends to undertake targeted capital investment in both assets to “expand event areas, increase car parking, enhance customer experience, and improve their ESG credentials.” thebusinessdesk.com reports.
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.”
John Ralston, McArthurGlen’s regional director, UK & Canada, said: “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.”
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