Land Securities Buys Shopping Centre in Scotland
Land Securities has purchased the Overgate Shopping Centre in Dundee, Scotland, for £141 million (€170 million). The seller is Lend Lease Overgate Partnership.
The 39,000-square-metre property opened in 2000 and includes two multi-storey car parks with 1,000 spaces. Anchor tenants are Debenhams, Primark and Next; other tenants include New Look, River Island, French Connection, Office, Top Shop, WH Smith and Argos.
“Acquiring Overgate in Dundee provides a strong income return with the scope to further improve the centre by enhancing the tenant mix and bringing new retailers to Dundee. We have identified good tenant demand for this modern centre, which dominates the retail offer in Dundee,” says Richard Akers, Land Securities’ managing director for retail. “It will add further value to our portfolio as we strengthen the centre’s appeal as a key shopping and leisure destination in Sc