Hines is on the cusp of completing the biggest investment deal in Scotland this year with a £220m play for Livingston town centre.
The US investor is in talks with Land Securities to buy 1m sq ft of shops in the West Lothian town’s centre.
The talks come less than a month after the Scottish independence referendum resulted in a no vote, triggering a surge of interest in investment opportunities north of the border.
LandSec instructed Colliers International to approach a handful of investors interested in the sites earlier this autumn, with a £200m price tag mooted.
Orion Capital Managers, AEW and Fortress were among those in the frame.
The open A1 Almondvale West retail park totals 117,600 sq ft and is anchored by Matalan and TK Maxx, while 855,000 sq ft The Centre in the heart of the town comprises 155 shops and five new restaurants. Tenants include Bhs, Debenhams, Marks & Spencer and Next.
Uncertainty caused by the referendum proved a drag on Scottish investment this year. But sources suggested a “post-referendum pop” is now under way.
Orion Capital Managers’ £180m acquisition of the 1.4m sq ft East Kilbride shopping centre near Glasgow last month is the largest to date, according to EGi data.
Hines declined to comment on the Livingston deal. But in an article explaining the firm’s retail ambitions, published in Estates Gazette in July, director Anthony Leonard said: “Shopping centres demonstrate fundamental qualities that fit with our investment requirements.
“From a timing perspective, we view now as the right time to invest because the retail economy has stabilised and is showing encouraging signs for growth. Concerns about the threat from digital retailing are receding, and over the medium to long term we would expect to be able to drive up rents.”
Cushman & Wakefield is advising Hines.
