The Peel Group acquires Lowry Outlet MallWednesday, 22 August 2012
The Emerson Group, which owns the Lowry Outlet Mall at
Salford Quays, has sold the shopping centre to The Peel Group, the real estate company that owns the neighbouring MediaCityUK development.
As well as acquiring the 300,000 square foot outlet centre, that features more than eighty outlets for brands such as M&S, Nike and Gap, the deal also includes a large multi-storey car park and a seven screen Vue cinema.
With just over 4.7 million visitors in 2011, the Lowry recently revealed that sales were up 11 percent year-on-year while footfall has increased by 14 percent. The retail development joins The Peel Group’s other shopping centre in the region The Trafford Centre in its portfolio.
John Whittaker, Chairman of The Peel Group, said: "We are delighted to have secured a deal with Emerson for the purchase of The Lowry Outlet Mall. 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 MediaCityUK.
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.”