The partnership will buy the land, which already has planning permission, from Stoney Properties, which will continue to hold an interest in future phases of the development. Planning permission has also been granted for a 50,000-sm business park, to be developed by Stoney Properties.
"This partnership enables Land Securities to increase its investment in the factory outlet sector, building upon our assets in Livingston and Portsmouth," says Richard Akers, managing director of Land Securities Retail. "We believe the Outlet's high-profile location and the further opportunities at Bridgewater Park will make this the dominant scheme in Ireland."
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