Artizan Shopping Centre bought by investor

Real Estate services firm, Jones Lang La Salle, has purchased The Artizan Shopping Centre in Western Scotland.LaSalle Investment Management has paid £4.85 million for the 120,000 sq ft site in Dumbarton, the seventh UK shopping centre

deal completed by the firm since 2009.

The deal saw La Salle purchase the centre from Ireland’s National Asset Management Agency. Although the area needs much repair and rejuvenation, La Salle is confident in the purchase, where the recession has led to lack of investment in the Glasgow region.

Andrew Bull, Director at LaSalle, said: “We are delighted to have completed another acquisition of a UK shopping centre.

“This purchase demonstrates that value within the secondary market is beginning to come through and we have put together a solid business model to take the asset forward.”

Successful shopping centres are an increasingly attractive asset for investors as the development pipeline remains stubbornly dry.