Pension fund swoops on Livingston Designer Outlet

The Livingston Designer Outlet has been sold to a pension fund in a deal worth £52 million.

Livingston Designer Outlet includes 98 retail unit

LaSalle Investment Management acquired the 300,000sq ft shopping and leisure complex on behalf of the Mars Pension Fund from joint owners Land Securities, clients of Aviva Investors, McArthur Glen and the Midlands-based Richardson Property Group.

The outlet was built in 2000 by European fashion outlet specialist McArthur Glen and is anchored by an eight-screen Vue Cinema, Gap, Next and Marks & Spencer. It has 98 retail and leisure units including a food court, which underwent a £1m refurbishment last year.

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The centre also boasts 1,755 public parking spaces within a multi-storey car park as well as 502 “pay and display” surface spaces.

James Boyd-Phillips, head of retail at LaSalle, said: “Situated in one of Scotland’s major retail destinations, Livingston Designer Outlet has the fundamentals to continue to be a thriving centre, 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.”

Briant Champion Long advised LaSalle while DTZ advised Land Securities and Aviva Investors.

The Livingston outlet is the third retail property acquired by the fund this year.