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NI firm buys portfolio

Lotus Property in £60 million Dundee deal

West Marketgait, DundeeA Northern Ireland-based property investment company has acquired a portfolio of about one million square feet of industrial and other space in Scotland in a £60 million deal.

Lotus Property said the 45 properties are mainly located in Dundee and include assets in Marketgait/West Marketgait (pictured), Wester Gourdie Industrial Estate and Dunsinane Industrial Estate.

Almost 60% of the assets are industrial, with a variety of mixed-use, retail, leisure and residential making up the remainder of the package.

Tenants in the Marketgait/West Marketgait development include Travelodge, Pure Gym, Grosvenor Casinos and Tesco.

Dundonian Alastair Coulson, managing director of Lotus Property, said: “I have been tracking both Dundee and this portfolio for some time and am very excited about the opportunity that this acquisition brings.

“We have been monitoring what is happening here over the last three years and we have seen major positive changes taking place.”

“Dundee is going through a really exciting and significant period of regeneration and we consider the city to be a key growth area in the UK.

“It is a city which is evolving, with a growing population and a desire to stand at the forefront of innovation in Scotland. I am therefore confident that Dundee is primed to become one of the UK’s next property investment hotspots.”

 

 



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