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Invista Acquire Dundee's Wellgate Centre in £31 Million Deal

Clients of Invista Real Estate Investment Management (Invista) have acquired the Wellgate Shopping Centre in Dundee for £31.2 million in a deal said to be the largest Scottish investment transaction this year.

Scottish commercial property specialists, FG Burnett, advised Invista on the acquisition, with Cushman & Wakefield and Smith Cole Wright acting for seller Prupim.

Invista 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.”

FG Burnett director Ewen White added: “The specialist advice provided by our retail agency team was important to this transaction which represents a great value deal for Invista and which should generate strong return.”

Clients of Invista also own Westhill Shopping Centre in Aberdeen, which is anchored by Marks & Spencer, and was purchased last August in a £9.25 million deal.

FG Burnett managing director, Angus MacCuish, added: “Since we bolstered our specialist investment team in Glasgow we have significantly increased the size and nature of the deals we have been involved in. Acting for Invista on, what is to date the largest investment transaction this year in Scotland, underlines our credentials and capabilities in being able to provide a detailed sector knowledge in major complex transactions.”

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