Global Mutual acquires Sterling Mills Outlet Shopping Village
International property investment and management company Global Mutual has added to its growing outlet portfolio with the acquisition of Sterling Mills Outlet Shopping Village in Tillicoultry, near Stirling in Scotland.
Sterling Mills joins the outlet portfolio at Global Mutual, including the three outlet schemes it acquired in 2017 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. The Tillicoultry Shopping Village will be re-branded as an Affinity outlet centre later this year.
Steven Gray, director of retail at Global Mutual, said: “The chance to acquire Sterling Mills was an unmissable opportunity for 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 centres and intend to do the same with Sterling Mills.”
The acquisition of Sterling Mills demonstrates Global Mutual’s confidence in the outlet market and its prominent position in the retail investment sector. Sterling Mills offers 60,000 sq ft of prime retail property with over 500 free parking spaces. The centre includes over 25 outlet tenants such as Adidas, GAP, Nike, Beauty Outlet, M&S and Jaeger among others.
The scheme reported successful trading figures for 2018 with footfall up +1.5% and turnover up +2% year-on-year. With a targeted investment plan, Global Mutual forecast further uplift over the next two years despite a challenging market.
“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 offering for the consumer and community they serve,” added Gray.