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TH Real Estate secures first Massimo Dutti store outside of London; on behalf of Warburg HIH Invest

TH Real Estate, on behalf of its client Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest, previously: Warburg - Henderson), has agreed terms with contemporary fashion retailer Massimo Dutti for a new store on Buchanan Street in Glasgow, its first outside of London. CBRE advised TH Real Estate on the deal.

Massimo Dutti, part of the Inditex Group, which also includes Zara and Pull & Bear, has taken the former USC outlet at 71-77 Buchanan Street, extending to 11,000 sq ft (1,022 sq m) over three floors. The retailer has secured the space on a new long term lease; it intends to use the ground and first levels for sales trading with the basement level for back of house and storage, when it opens in the New Year.  

Massimo Dutti was founded in 1985 and now has 804 stores in more than 70 countries. Originally aimed at men's fashion, the retailer launched women's fashion in 1995 and children’s fashion followed in 2003. This lead to international growth and today the company has over 4,000 employees worldwide.  

Martin Payne, Fund Manager, TH Real Estate, comments: “Located in the heart of Glasgow, Buchanan Street is an extensive pedestrianised boulevard which benefits from strong footfall thanks to its impressive mix of international and independent brands. It is the perfect locations for Massimo Dutti’s expansion outside of London and we are confident that the new store will trade extremely well.  

“We are excited to have complete on such a high profile letting for our client: Not only did Massimo Dutti select Glasgow for its first UK store outside of London but the deal represents one of the biggest retail lettings in the city so far this year.”  

Kevin Sims, Senior Director and Head of Retail in CBRE Scotland, adds: “We are delighted to have concluded a deal for the former USC unit to a quality retailer like Massimo Dutti. The property offers one of the few true flagship store opportunities on Buchanan Street and serves only to reinforce the importance of Glasgow’s position in the UK retail hierarchy for both domestic and international retailers.” 

Massimo Dutti was represented by Eric Young & Co.

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the re-sult of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been ex-pressed, they are based on current market conditions and are subject to change without notice.

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