A DESIGNER outlet retail park near Banbridge, Co Down, which once attracted thousands of shoppers from across the Border, has been taken over by Ulster Bank.
The Outlet retail centre, which was developed by GML Estates, part of John Farmer’s Orana Group, has been “purchased” by one of Ulster Bank’s subsidiary companies, the bank said.
West Register (Northern Ireland) Property Limited is a specialist property asset management company within the Ulster Bank, which is owned by the Royal Bank of Scotland Group.
West Register acquires assets from the distressed portfolio of Ulster Bank and RBS. The bank believes this is the best way to maximise recovery of certain assets in the medium term.
The Outlet, which has 82 units, employs about 500 full- and part-time staff. The out-of-town centre, which opened in 2007, was developed by GML Estates and Land Securities at an estimated cost of £70 million.
Ulster Bank is keen to stress that it is business as usual at the retail park.
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