It has now found a purchaser in the form of the newly-formed Mayfair Limited Partnership, which will be 90% owned by Morley Fund Management and managed by Joey Kaempfer's McArthurGlen which will hold 5% alongside co-investor the Richardson Brothers, who also have 5%.The new fund has bought BAA's stakes comprising 100% of the 350,000-sf York outlet; 75% of the 160,000-sf scheme at Mansfield in Nottinghamshire; 50% of the 300,000-sf scheme at Livingston in Scotland and 25% of the 206,000-sf Ashford outlet mall in Kent.
BAA said it will retain "for the time being" an 11.2% stake in McArthurGlen's Great Western designer outlet in Swindon, Wiltshire, plus two adjoining development sites. Last year BAA successfully exited the European end of the McArthurGlen business, when the Richardsons stepped in as co-investors alongside Kaempfer.
The launch of the Mayfair Limited Partnership is significant for the UK market, because rival operator Freeport has recently abandoned its own plans to set up a UK limited partnership specializing in outlet malls. John Gellatly, property analyst at CSFB, said the presence of a major investor like Morley would give the new venture a much better chance of success.
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