Credit: Evolve Estates
Credit: Evolve Estates

EVOLVE ESTATES ADDS NEW DEVELOPMENTS TO ITS RETAIL PORTFOLIO

Evolve Estates has kicked off 2023 with the acquisition of a retail and leisure development and a town center precinct.

Joining its rapidly growing retail portfolio is Market Quay Shopping Center, in Fareham, Hampshire, England which it acquired for an undisclosed sum from Columbia Threadneedle Investments. 

The 15,692 sq m development comprises 17 commercial units, leased primarily to national high street brands, and is anchored by Reel Cinemas, Loungers, and Stonegate Pub Company, as well as retailers Wilko, Iceland, and Peacocks.

Evolve has also added Rainham Shopping Center, in Gillingham, Kent, England. This 7,897 sq m retail and office precinct has 25 shops, including Greggs, Costa, Card Factory, and Boots, and it is anchored by Tesco and Wilko.

This property was also acquired for an undisclosed sum and takes the company’s retail acquisitions in the past 12 months to 96.2 million euros.

Danny O’Keefe, partner of Evolve Estates, part of M Core, which is one of the largest, privately held commercial property portfolios in the UK, said the acquisitions mark a positive start to 2023.

“The past 12 months have been particularly busy for us as we have added more value through acquisitions than in any other in our 13-year history and have added more than 92,903 sq m to our portfolio. Our approach, and our strong reserve of cash funds, means we can be quick to react to the market when an asset catches our attention.”

“Our appetite for investing in retail remains strong and we’re still actively seeking new properties, from small neighborhood parades to larger town center destinations, with a value of 2.2 million euros to 28.2 million euros.”

Among this year’s retail acquisitions is Three Spires Shopping Center, Lichfield, Englands’ dominant retail attraction in the city which provides more than 6, 503 sq m of retail floor space. It is now in talks with the district council to deliver the city’s first dedicated cinema in decades.

Evolve has a UK-wide portfolio value of more than 361.3 million euros across 1.8 million sq m.

Bradley Maher from Prime Retail acted as agent for Evolve Estates for both purchases, while Evolve Estates’ solicitor was Andrew Cooper, from Clarke Willmott.

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