Evolve Estates, part of M Core Property, has acquired the Viking Centre, in Jarrow, UK.
The Viking Centre has more than 60 stores occupying over 175,000 square feet of retail space and 400 car parking spaces. The centre is anchored by national brands including Boots, Peacocks, B&M and Poundland.
Danny O’Keefe, Founding Partner of Evolve Estates, said that over the past few years, it had focused growth plans on the retail sector, strategically targeting shopping centres, parades and malls.
“This deal marks Evolve Estates’ expansion into the North East market and demonstrates our commitment to supporting local communities and businesses.
“We have long maintained that the retail sector is a strong market for investing, providing excellent opportunities for us to add significant value that benefit the tenants and the local community, as well as ensuring a good return on our investment.
“We’ve a significant pipeline of retail acquisitions for the rest of 2023 and expect to complete more than £300 million worth by the end of the year. Part of our strength is our healthy cash reserves, which mean we can complete a deal quickly when we need to.”
M Core Property, of which Evolve Estates is a part, has invested more than £160 million over 12 months in 25 retail centres. Major acquisitions include M Park Alexandra in Lincolnshire, Weavers Wharf in Kidderminster, and M Park Ocean Plaza and Central 12 in Southport.
It has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million, and is actively seeking sites for acquisition.
Evolve’s solicitor was Clarke Willmott and the agent was Prime Retail Property. Jackson Criss acted as agent for the vendor. The solicitor for the vendor was CMS UK.
Guy Robinson will lead the asset management team.
