Peel buys Lowry Outlet Mall from Emerson Group
Property development and investment group Peel has bought the retail-led Lowry Outlet Mall in Salford Quays.
The Manchester-based company, which already owns the MediaCity development in Salford Quays, announced today (13 August 2012) it agreed a deal with Alderley Edge-based Emerson Group.
Peel said the undisclosed deal incorporated the Mall retail centre and car park. The transaction is rumoured to be worth about £70m.
Tenants at the mall, which is situated opposite the Lowry Museum, include Marks & Spencer, Gap, Nike Fatory Outlet and a Virgin gym.
The building has 300,000 sq ft of retail and leisure space, with 80 stores, cafes and restaurants and a seven-screen Vue cinema, attracting 4.7m visitors per year.
Peel Group chairman John Whittaker said: "This is an important strategic acquisition for us and continues to extend the MediaCityUK community across the Quays from the BBC and ITV as well as the new tenants moving into MediaCity.
"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."
Law firm Pinsent Masons advised Peel on the sale.