Freeport Retail to return to UK
Outlet centre developer and operator Freeport Retail is to return to the UK market after an eight year absence.
Acquired by Carlyle in 2007 in a transaction valued at over €300 million, Freeport currently manages 1.4 million sq ft of space at outlet centres in six countries across continental Europe. The company is now planning to more than double this to over 3.2 million sq ft over the next few years, with the UK earmarked as a key area for growth.
To help achieve its plans, Freeport has appointed Phil Cottingham as UK director. Cottingham was previously portfolio director at Land Securities and, most recently, head of retail at Quintain Estates & Development where he was responsible for the soon-to-open London Designer Outlet.
Chris Milliken, commercial director of Freeport Retail, said: “Our continuing commitment to retail schemes in Europe combined with an improving British economic outlook means the time is right to re-visit the UK market. Phil Cottingham has the knowledge, track record and expertise to help us achieve our growth strategy.”
Never Miss a Retail Update!As well as developing and owning outlets, the company also manages a number of retail assets owned by European partners. Consequently, its reach covers Austria, Czech Republic, Denmark, Portugal and Sweden and its pipeline of new projects include France, Germany, Italy, Slovakia, and Malaysia. The company also has a number of projects in China working in major cities and provinces such as Guangdong.
Freeport said it could undertake similar partnerships in the UK and will also look to explore emerging cross over formats that blend high street and outlet/discount retailing.
Cottingham said: “This is an exciting opportunity to work with an established retail team with good international connections while creating a new force in the UK retail property sector. The combination of our international approach and the improving UK market gives us the ideal platform to work with both existing and new business partners.”
