Cited property has advised Evolve Estates and LCP, both part of M Core, on the acquisition of Livingston Centre, Scotland. The acquisition is one of the most valuable shopping centre transactions of 2023.
The 1 million-square-foot retail and leisure destination is located in the centre of the town, three miles from the M8 and nine miles from Edinburgh Airport.
It includes 166 shops, restaurants, cafes and leisure amenities with tenants including River Island, H&M, Primark and M&S. It is anchored by an 100,000-square-foot Asda store. There are also three car parks nearby, with a total of 3,000 spaces.
Challenge
Cited Property helped our clients identify and acquire one of the major shopping destinations in Scotland. Despite competition from other investors and competitive bidding, the asset was purchased at attractive terms that align with our client’s objectives. This purchase is the largest UK retail acquisition for Evolve Estates and LCP.
We see huge opportunity in the shopping centre sector and are proud to have helped our client acquire an asset of such high quality.
How did Cited help?
Livingston Centre appealed to us and our client because of the resilient performance of the occupiers. Cited Property’s retailer relationships and knowledge helped us identify this shopping centre as one with great prospects for continued recovery and growth. The former Debenhams unit, which was vacant at the time of the purchase, affords our client an opportunity to reposition a large part of Livingston Centre.
What was the result for the client?
Having helped secure the purchase amidst other competitive bidders, we helped our client underwrite the purchase with a full occupational audit and asset management plan. This includes progressing terms with potential new occupiers.
The purchase completed in November 2023 at terms exceeding our client’s objectives. The asset management is progressing successfully.
