Wellgate acquired for £31.2 million
Published: 22 June, 2011
Invista Real Estate Investment Management has bought Dundee's Wellgate Shopping Centre for £31.2 million.
The deal, on behalf of Invista's St James’s Place Fund, is one of the largest investment transactions in Scotland this year.
Prupim had bought the Dundee centre - which has 338,00 sq ft of space across three levels - for more than £80 million in 2007. Existing tenants include Argos, BHS, New Look and TJ Hughes.
Richard O'Boyle, Invista director and head of retail, 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 advised Invista with Cushman and Wakefield and Smith Cole Wright acting for Prupim.
