Scottish portfolio worth £60m acquired by Irish property investor

Scottish portfolio worth £60m acquired by Irish property investor

BANBRIDGE-based property investment company Lotus has acquired a 1.3 million sq ft property portfolio in Scotland valued at £60 million.

The portfolio, made up of 45 properties in total, is predominantly located in Dundee and includes key assets in Marketgait/West Marketgait, Wester Gourdie Industrial Estate and Dunsinane Industrial Estate.

More than half of the assets are industrial, with a variety of mixed use, retail, leisure and residential also forming part of the acquisition.

The Marketgait/West Marketgait asset is a modern multi-let mixed use development comprising of a mixture of high spec offices, leisure and retail in the heart of Dundee city centre. Tenants include Travelodge, Pure Gym, Grosvenor Casinos and Tesco Stores Ltd.

Key tenants in the industrial portfolio include Hermes Parcelnet, Encon Insulation, U.P.S and Buckler Boots, with assets ranging in size from 5,000 sq ft to 150,000 sq ft.

Lotus, a property investment company with a 20 strong team, manages a combined area of more than 2 million sq ft of shopping centres, retail parks, residential, leisure, offices trade counter and industrial assets, where it deals with the full investment life cycle, including acquisition, active management, reconfiguration, repositioning refurbishment and development, through to sale.

Managing director Alastair Coulson – who was born in Dundee and went to Dundee High School – said: “I’ve been tracking both Dundee and this portfolio for some time and am excited about the opportunity this acquisition brings.

“Dundee is going through an exciting and significant period of regeneration and the city is a key growth area in the UK.

“There is the waterfront regeneration with an international focus while Dundee is a world leading centre of specialist technology, has a growing population and a desire to stand at the forefront of innovation in Scotland. Dundee is primed to become one of the UK’s next property investment hotspots.”

He added: “The composition of the portfolio is very similar to that which we own in Northern Ireland, and coupled with the positive historic experience, market intelligence and network we have in Scotland, this first investment of ours in Dundee is a great platform to build on.”

Source: Irish News

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