Redwood client Realm has won a new three-year asset and property management contract on Livingston Designer Outlet.
Livingston, Scotland’s largest and most high-profile outlet scheme, was acquired by real estate funds managed by Blackstone at the end of October from La Salle Investment Management.
Realm has been carrying out a proactive asset management strategy at the asset since 2013, when it was acquired by La Salle Investment Management. In this period the centre has seen significant growth in both footfall and sales, with occupancy rates increasing by ten per cent to 95 per cent let. Realm has also overseen the ‘premiumisation’ of the tenant mix, most recently demonstrated by the lettings secured with high-end brands Barbour, Timberland and Hugo Boss.
Colin Brooks, Managing Director of Realm, commented: “We are delighted to have secured a new asset management mandate on Livingston Designer Outlet. We look forward to working with Blackstone to further enhance the scheme’s retail mix and shopper experience, and in doing so underpin its position as Scotland’s leading designer outlet centre.”
Realm has now advised on the purchase and/or sale of nearly £1 bn of outlet assets on behalf of its clients.