Debenhams anchor and TK Maxx store first UK tenants for US property giant
The Mills Corporation, owner of 34 US malls, is reported to have made a£275 million bid for the 705,000 sq ft (65,495 sq m) St Enoch's shopping centre in Glasgow, more than£15 million above the asking price. If successful, it will be Mills' first purchase in the UK.
Last month, Mills new head of international operations, Ronald Weidner, signalled his intention to grow the business through acquisition. Mills has already entered Europe through the development route, building the 1.4 million sq ft (130,060 sq m) Xanadu in Madrid, and last month it was selected as developer for the Mercati Generali site in Rome.
CB Richard Ellis and Savills are marketing St Enoch's on behalf of the German property fund Deka Immobilien, which bought the scheme eight years ago for£160 million.
Opened in 1989, the enclosed shopping centre contains more than 80 shops over two floors and is anchored by Debenhams, Bhs and a number of other national chains, including Boots, Dorothy Perkins, Etam, Disney and TK Maxx.
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