PEEL Group has bought the Lowry Outlet Mall in Salford from North West rival Emerson in a deal worth around £70m.

Peel founder and chairman John Whittaker hailed the deal for the 300,000 sq ft of retail and leisure centre, which lies next to its MediaCity:uk development as "an important strategic acquisition."

Peel said the deal incorporates the 80-store retail and leisure experience, as well as the car park. Financial terms were not disclosed though the price tag is understood to be close to £70m.