Designer outlet village changes hands as part of £600m acquisition

The Cheshire Oaks designer outlet village has been sold in a deal worth around £600m.

LaSalle Investment Management, part of property group JLL, has agreed a deal with owners Nuveen Real Estate, according to a Sunday Times report.

It involves the acquisition of Cheshire Oaks, situated in Ellesmere Port, and the Swindon Designer Outlet, with the Cheshire site representing the bulk of the purchase price.

Nuveen originally bought Cheshire Oaks in 2008 in a £365m deal for three shopping centres, including the Swindon outlet.

LaSalle is understood to have overcome a rival offer from Bluewater retail centre owner Landsec.

The deal is the largest in the sector since 2014 and represents a yield of six per cent.

Cheshire Oaks first opened in 1995. Now, comprising 400,000 square feet, it is the UK’s biggest designer outlet village.

McArthurGlen Group manages the site and is likely to be retained under the new owners.

Last year the site added a new children’s play area, at a cost of around £1.4m.

This followed a major expansion carried out in 2018, worth £24m which created more than 25,000 sq ft of new space, including new retail units, a visitor centre, expanded car parking facilities and a number of other amenities.

The site currently boasts 145 stores as well as a variety of food and drink outlets.

Designer label stores include the likes of Armani, Burberry, Michael Kors, Mulberry and Polo Ralph Lauren.