Wellgate shopping centre purchase is a vote of confidence in a city ‘undergoing a major transformation’
ByNews reporter
The new owner of the Wellgate shopping centre in Dundee has cited the ongoing regeneration of the city as a reason for its purchase.
The centre was sold to international investment group Invista Real Estate this week in a deal worth £31.2 million.
One of the biggest Scottish business deals so far this year, Invista highlighted the ongoing redevelopment of the city as a key motivation.
Director and head of retail Richard O’Boyle 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.”
The Wellgate sale comes after the Overgate was sold to Land Securities for £140.5 million in December.
Wellgate shopping centre purchase is a vote of confidence in a city ‘undergoing a major transformation’