Sterling Mills Outlet Shopping Village. Image: Global Mutual
Investment

Global Mutual Strengthens Outlet Portfolio

Global Mutual adds to its growing outlet portfolio with the acquisition of Sterling Mills Outlet Shopping Village in Tillicoultry, near Stirling in Scotland.

The transaction demonstrates the company’s confidence in the outlet market and its prominent position in the retail investment sector.

Sterling Mills offers 5,600 sq m of retail property with over 500 free parking spaces. The center includes over 25 outlet tenants, such as Adidas, GAP, Nike, Beauty Outlet, M&S, Jaeger, and Costa, among others. The scheme reported trading figures for 2018 with footfall up +1.5% and turnover up +2% YoY. With a targeted investment plan, Global Mutual forecasts further uplift over the next two years despite a challenging market.

“The chance to acquire Sterling Mills was an unmissable opportunity for Global Mutual,” said Steven Gray, Director of Retail at Global Mutual. “Our strategy is to enhance and develop what Sterling Mills already has to offer. We have invested heavily in our existing Affinity family of outlet shopping centers and intend to do the same with Sterling Mills. It is both a fascinating and challenging time in retail, and we believe the time is right to invest, grow, and create retail destinations that deliver the best offerings for consumers and the communities they serve.”

Sterling Mills joins the outlet portfolio at Global Mutual, including the three outlet schemes they acquired in 2017, which are situated in Stoke-on-Trent, Fleetwood, and Bideford. The three schemes were rebranded as the “Affinity Outlet” family in May 2018, creating Affinity Staffordshire, Affinity Lancashire, and Affinity Devon.

Sterling Mills Outlet Shopping Village. Image: Global Mutual
Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Investment MORE

Stricter financing conditions for retail properties

Business closures and rent losses in the coronavirus crisis have made banks even more cautious about retail properties and shopping centers. In the case of refinancing, portfolio holders have to calculate with higher interest rates and additional equity.

Ingka Centres Acquires Kings Mall in London

Following its transformation, the scheme will be the first mixed-use object in a downtown location, anchored by an IKEA city store, in the United Kingdom.

Upgrading the existing portfolio

Ingka Centres’ €7.3 billion investment to transform its business remains on track – with particular emphasis on sustainability and innovation.

Investment News

Allianz Real Estate Refinances a 300-million-euro Acquisition +++ Investment in Hallplatz-Galerie in Zweibrücken +++ Investika purchased Galerie Butovice

“Shopping center yields have reached levels of 6.75 to 7.25% in Bucharest”

The most active real estate investors in Romania came from Europe – up until 10 years ago. Today, investors from South Africa and Singapore play a vital role, says Liviu Tudor, Founder and President of the Romanian Association of Building Owners (Rabo).

Union Investment Special: Retail Parks

Hidden Stars: Why retail parks become increasingly popular among investors, developers, and customers.