Credit: Evolve Estates
Investment | Ticker

Evolve Estates acquires Three Spires shopping center in Lichfield

Evolve Estates has acquired a prime open-air shopping center in the heart of Lichfield in England, its biggest retail acquisition of 2022.

Three Spires Shopping Center is Lichfield’s dominant retail attraction in the city and provides more than 6,503 sq m of retail floor space. The scheme is the main hub for shopping, food, and leisure. It is anchored by Sports Direct and Tesco, and comprises of more than 43 retailers including: The Entertainer, Bonmarché, Boots, and WH Smith.

Sebastian Macdonald-Hall, director of Evolve, which is part of the LCP Group, says: “Lichfield is an affluent and thriving city that has good footfall from local shoppers and tourists throughout the year. Three Spires is a safe, pedestrianized center that has a wealth of quality names already. There are five vacant units, ranging from a kiosk at 21 sq m to a large anchor store of about 4,366 sq m, previously occupied by Debenhams. Evolve’s asset management team are already well underway curating a repositioning strategy, bringing new leisure experiences to Lichfield.”

Evolve has a UK-wide portfolio value of more than €353 million and this acquisition is the latest in a line of retail purchases in recent months. In the past quarter alone, it has acquired multiple assets throughout the UK. Three Spires Shopping Center attracts 9.9 million shoppers a year and has two car parks with 160 vehicle parking spaces.

James Stratton from Savills acted as the agent for Evolve with Tim Lloyd from Prime Retail. Clarke Willmott completed the legal transaction for Evolve.

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