New Owner for Gretna Gateway
Orchard Street Investment Management LLP, on behalf of a major UK pension fund client, has acquired Gretna Gateway Outlet Village.
Gretna Gateway was opened in 1999 by HRH The Princess Royal and includes major names such as Marks & Spencer, Austin Reed, TAG Heuer, Polo Ralph Lauren and LK Bennett amongst its tenants. Following an £8 million expansion last year, the 59 unit centre has seen a 42% rise in visitor numbers and a 65% increase in sales. It now employs over 400 full and part time employees.
Gretna Gateway will now be operated by Orchard Street Investment Management in conjunction with Jones Lang LaSalle. The theme of the new owners will be to enhance the appeal of the property in all areas and manage the asset as part of a large portfolio of retail and other properties throughout the UK.
General Manager, Peter Gardner said; "It's very much business as usual here and we're delighted that our new owners are now on board. Gretna Gateway has been a real success story and continues to perform strongly in the face of tough trading conditions elsewhere. The outlet village is an extremely attractive proposition and Orchard Street and the management team here are greatly looking forward to taking Gretna Gateway forward to even greater success in the future."