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.