M&G Real Estate has acquired a McArthur Glen-run designer outlet centre in south Wales from TH Real Estate.
M&G Real Estate has acquired a McArthur Glen-run designer outlet centre in south Wales from TH Real Estate.
The investment volume of £115.5 mln (€164 mln) reflects a net initial yield of 5.75%.
M&G purchased the Bridgend Designer Outlet centre on behalf of the M&G Property Portfolio, managed by Fiona Rowley and Justin Upton.
Bridgend is located about 30 kilometres west of the Welsh capital Cardiff. The outlet features about 90 brands over an area of 22,700 m2. The centre generates £7 mln in rent per annum.
McArthurGlen will continue to manage the centre which generated an annual footfall of 3.8 million last year.
Morgan Williams acted on behalf of M&G Real Estate and Cushman & Wakefield represented TH Real Estate.
