LaSalle Investment Management is looking to almost double its money by selling the Livingston Designer Outlet in West Lothian, Scotland, for around £100m – a 6% yield.
The fund manager, which bought the 298,064 sq ft outlet mall for £52m in 2013 from Land Securities, clients of Aviva Investors, McArthur Glen and the Richardson Property Group, has appointed Cushman & Wakefield to market the opportunity.
When LIM bought the asset it had a relatively high vacancy rate but is now fully let. It has also since replaced McArthur Glen as operator.
The centre has 98 shops and restaurants as well as a fully refurbished food court and an eight-screen cinema. It is anchored by a Vue Cinema, Gap, Next and Marks & Spencer.
The factory outlet market is also seen as a growing sector that more premium brands are increasingly moving into, and this is being reflected in the investment market. Last month Land Securities bought a trio of factory outlet centres from Hermes for £340m.
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
