Peel goes shopping for Lowry Outlet Mall
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.
With just over 4.7 million visitors in 2011, the Lowry’s tenants include M&S Outlet for Furniture, Nike Factory Outlet, GAP Outlet and Flannels.
John Whittaker said: “The Mall complements MediaCityUK perfectly and will give us the opportunity to look at the most effective ways of increasing visitor numbers and enhancing the experience for customers”.
Peter Jones, chairman of The Emerson Group, said: “In the years we have owned and managed the scheme we have seen it go from strength to strength and offer a wide and dynamic mixed use offer to the Quays environment.
“I appreciate the business we have received and thank our loyal customers and tenants who have remained with the scheme through the 10 years the centre has been in our ownership. I would also like to thank the staff and Management team who have worked so well with the scheme over the years and I sincerely hope they continue to have a good relationship with the new owners who, of course, have a great deal of flair and energy which has transformed the Quays.”
Peel was advised by Stephen Levy, a corporate partner at law firm Pinsent Masons. He was assisted by senior associate Andy Phillips (corporate), partners Mike Edge and Rachel Pitman (real estate), partner John Cleland and associate Rebecca Wilcock (finance) and partner Simon Horsfield (employment).
