Global Mutual strengthens outlet portfolio with acquisition of Sterling Mills
Global Mutual, the international property investment and management company, adds to its growing outlet portfolio with the acquisition of.
Sterling Mills outlet shopping village in Tillicoultry, near Stirling in Scotland, is joining the outlet portfolio at Global Mutual, adding to the three outlet schemes it acquired in 2017 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
Sterling Mills offers 60,000 sq ft of retail with over 500 free parking spaces. The centre includes over 25 outlet tenants such as Adidas, GAP, Nike, Beauty Outlet, M&S, Jaeger and Costa, 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.
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. It is both a fascinating and challenging time in retail and believe the time is right to invest, grow and create retail destinations that deliver the best offering for the consumer and community it serves.”