Nuveen is launching the sale of its UK designer outlet platform comprising two of the country’s most successful and highly regarded designer outlet centres, Cheshire Oaks and Swindon Designer Outlet.
With the designer outlet sector rebounding strongly since the easing of lockdown restrictions, the landlord has mandated Morgan Williams to manage the sale and is seeking offers in the region of £600 mln (€700 mln) for the assets which have a combined floor space of over 650,000 sq ft (60,400 m2).
The sale will represent the UK’s largest outlet transaction, the broker said, and it is expected to attract interest from domestic institutions, European investors and Global capital seeking a major foothold in the sector.
Nuveen acquired the portfolio for its closed-ended specialist UK Outlet Mall Fund, in 2008, and has seen its significant capital investment in the centres since purchase deliver positive returns over the fund’s life.
Developed over 20 years ago by McArthurGlen, the assets have responded to a rolling programme of asset management and continue to be ranked amongst the country’s top performing outlets with luxury and premium brands including Burberry, Fossil, Furla, Armani, Hugo Boss, Mulberry, Polo Ralph Lauren, Tag Heuer and Tommy Hilfiger.
