Swindon’s Designer Outlet has been sold as part of a £600 million package deal believed to be the UK’s biggest retail property deal in seven years.
LaSalle Investment Management, a subsidiary of the property giant JLL, has agreed to buy Cheshire Oaks and the Swindon Designer Outlet from Nuveen Real Estate for £600 million, representing a yield of six per cent.
It saw off competition from Bluewater owner Landsec to clinch the deal, which was brokered by commercial property experts Morgan Williams.
The sites were first developed by McArthurGlen more than two decades ago. They continued to be managed by McArthurGlen after the sale to Nuveen – and this is expected to continue under LaSalle.
Nuveen took over the Swindon and Cheshire outlets in 2008 for its UK Outlet Mall Fund.
The deal is the biggest since 2014, when Landsec paid £696 for a 30 per cent stake in Bluewater shopping centre in Kent.