Vast Scottish shopping centre that is home to M&S and Primark targets more 'big names' after being sold

A vast shopping centre in West Lothian that is home to the likes of M&S, Primark and H&M is looking to attract “big names” after being bought in one of Scotland’s biggest commercial property investment deals of the year.

The Centre in Livingston has been acquired by UK commercial property and investment companies LCP and Evolve Estates, both part of M Core, for an undisclosed sum. It had been reported last year that previous owner Hines was putting the mall on the market and looking for in the region of £70 million.

The retail and leisure destination in the heart of the new town encompasses some one million square feet, housing 166 shops, restaurants, cafes and leisure amenities. It is anchored by an Asda store that stretches to more than 100,000 square feet. There are also three car parks nearby, with a total of some 3,000 spaces.

M Core, a property collective comprising LCP, Evolve Estates, Proudreed and Sheet Anchor, has invested more than £160m over 12 months in 25 retail centres. Major acquisitions include Alexandra Retail Park in Grimsby, Parc-Y-Llyn Retail Park in Aberystwyth and Ocean Plaza in Southport.

Livingston's The Centre - one of Scotland's largest malls - encompasses some one million square feet, housing 166 shops, restaurants, cafes and leisure amenities.

Danny O’Keefe, founding partner Evolve, said: “I am pleased to add this scheme to our established joint venture with LCP. For the past few years, we have focused on building our retail portfolio, acquiring convenience-led shopping parades, centres and retail parks across the UK, which we believe to be undervalued and offer long-term rental growth.

“The Centre Livingston is our most ambitious retail acquisition yet in the UK and we are excited about the possibilities for improving it, which our proactive in-house team of experienced asset and property managers will be looking at now. They have a significant network of contacts across many national brands and they are already looking to attract big names as well as ambitious local traders who want to grow their businesses.”

Ben Chislett, group chief operating officer LCP, part of M Core, added: “One of the questions we always ask when looking to acquire retail centres is ‘does it have potential to improve?’ and we believe The Centre Livingston does. The annual footfall is approximately 14.5 million and the latest data show that people stay there for well over an hour and spend £62 a head at a time. We want to increase these figures further and enhance the shopping and leisure experience for those millions of people who visit the centre every year. We are really looking forward to getting to know the tenants and engaging the local community.”

M Core said it has £300m available now to invest in retail sites, from sites as small as £500,000 to major £30m locations and portfolios up to £150m. The solicitor acting on behalf of M Core for The Centre was Kelsey Gibson of MacRoberts and Bradley Maher of Cited acted as the agent. Savills acted as an agent for the seller and its solicitor was Pinsent Masons. Retained letting agents for the West Lothian centre are Savills & EY & Co.

These retailers have signed up for stores at Livingston's The Centre