ING Real Estate has sold Dalton Park, the largest asset in its UK development portfolio and the biggest outlet shopping centre in the northeast of the country, to Peveril Securities.
ING Real Estate has sold Dalton Park, the largest asset in its UK development portfolio and the biggest outlet shopping centre in the northeast of the country, to Peveril Securities.
Financial details were not disclosed.
Opened in 2003, Dalton Park provides 163,000 sq ft (15,143 m2) of space and 1,200 car parking spaces. Major tenants include M & S Outlet, Next Clearance, Adidas, Sports Direct, Gap Outlet, McDonalds and Starbucks.
The scheme has planning consent in place for Phase 2 which will include a 91,000 sq ft foodstore, multiplex cinema, restaurants, hotel and petrol filling station. Peveril will undertake this development with work expected to commence on site in early 2014.
The project will be completed by the end of next year.
In a statement, ING Real Estate said 'the sale is in line with its strategy to actively manage down ING’s real estate development portfolio and remaining real estate investments'.
ING Real Estate UK is part of ING Real Estate & Other which combines the residual activities of ING Real Estate Development, ING Real Estate Investment Management and ING’s general lease activities in 10 European countries. ING’s Real Estate & Other expertise is focused on actively managing or assisting in restructuring or winding down real estate these portfolios.
Peveril Securities is a subsidiary of the Bowmer & Kirkland Group.
