CLIENTS of Invista Real Estate Investment Management (Invista) have acquired the Wellgate Shopping Centre in Dundee for £31.2 million in a deal said to be the largest Scottish investment transaction this year.
Scottish commercial property specialists, FG Burnett, advised Invista on the acquisition, with Cushman & Wakefield and Smith Cole Wright acting for seller Prupim.
Invista director and head of retail, Richard O’Boyle, said: “The city of Dundee is undergoing a major transformation with large scale investment taking place.
“This is an excellent time to gain a foothold in Dundee and we look forward to strengthening the Wellgate’s position as a favourite shopping destination and to attracting new quality tenants.”
FG Burnett director, Ewen White, added: “The specialist advice provided by our retail agency team was important to this transaction which represents a great value deal for Invista and which should generate strong return.”
Clients of Invista also own Westhill Shopping Centre in Aberdeen, which is anchored by Marks & Spencer, and was purchased last August in a £9.25 million deal.
FG Burnett managing director, Angus MacCuish, added: “Since we bolstered our specialist investment team in Glasgow we have significantly increased the size and nature of the deals we have been involved in.
“Acting for Invista on, what is to date the largest investment transaction this year in Scotland, underlines our credentials and capabilities in being able to provide a detailed sector knowledge in major complex transactions.”
Notes to editor:
FG Burnett Ltd was founded in 1960 and the practice has now grown to become one of the largest firms of chartered surveyors and property consultants, based in Aberdeen and Glasgow.
FG Burnett provides Scotland-wide coverage for a range of services including sales, lettings and acquisitions; building surveying; development consultancy; investment consultancy; property management; rating consultancy, rent reviews and commercial valuation and compensation.
The majority of FG Burnett’s technical staff are members of The Royal Institution of Chartered Surveyors, and using state of the art Information Technology, delivers professional expertise and intimate knowledge of the market place.
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