Aviva Investors joins £160m joint venture to develop Cannock outlet
Aviva Investors has partnered with other investors to commit over £160m (€181.1m) to help develop a new outlet in Cannock, in the West Midlands region of England.
The joint venture has been formed by McArthurGlen Group, U+I, Rioja Developments, Aviva Investors on behalf of Aviva Life and Pensions, and The Richardson Family.
McArthurGlen said Designer Outlet Cannock will comprise over 26,500sqm of gross leaseable space across two phases and including improvements to the road infrastructure.
U+I and Rioja Developments secured planning approval for Cannock Designer Outlet from Cannock Chase District Council in September 2016.
The project will be developed and built by McArthurGlen, U+I and Rioja Developments, and once it is completed, McArthurGlen will manage the centre.
Construction of Phase I will begin in the early part of 2018, delivering over 80 stores and the opening is planned for spring 2020.
Gary Bond, joint managing director of development at McArthurGlen, said: “We are delighted to announce what will be the group’s 26th centre and our seventh in the UK, and we look forward to working with our joint venture partners U+I, Aviva and The Richardson Family.
”The new centre will sit within a rapidly growing portfolio which currently has an active development pipeline of 150,000sqm.”
Giles Membrey, managing director at Rioja, said: “We are delighted that after many years working on this project, we will be seeing it come to fruition in 2018.
“This is the best site in the West Midlands for a designer outlet village and the brand interest in the scheme has been phenomenal.”