LaSalle Investment Management has confirmed acquiring a £600m (€698.4m) UK designer outlet portfolio from Nuveen Real Estate following previous media reports.

LaSalle said it has acquired McArthurGlen Designer Outlet in Cheshire Oaks and McArthurGlen Designer Outlet in  Swindon on behalf of its value-add investments arm.

Most of the portfolio value is comprised of Cheshire Oaks Designer Outlet, the largest designer outlet in the UK, LaSalle said.

The JLL subsidiary said it intends to undertake “targeted capex investment” in both assets to expand event areas, increase car parking, enhance customer experience, and improve their ESG credentials.

The assets will continue to be managed by McArthurGlen.

Blake Loveless, the head of value-add investments at LaSalle Investment Management, said: “We’re thrilled to be working with McArthurGlen on this exciting venture.

”These are two of Europe’s premier outlets and are well-placed within our value-add strategy, which targets attractive risk-adjusted equity returns for real estate investments across Europe.”

Michael Zerda, the head of debt and value-add strategies at LaSalle Investment Management, said: “This transaction represents the first large-scale acquisition made by LaSalle’s reconstituted value-add investments business line in Europe. We look forward to unlocking the full potential of this portfolio in the years to come for the benefit of our investors.”

John Ralston, McArthurGlen’s regional director for UK and Canada, said: “Having originally developed and managed the successful McArthurGlen Designer Outlets at Cheshire Oaks and Swindon since their openings in 1995 and 1997 respectively, we are delighted to be working with LaSalle on its new investment.

”This demonstrates our continued confidence in both centres and in the outlet sector across Europe.”

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