Lincolnshire Co-op and Wykeland Group have acquired Waterside Shopping Centre in Lincoln for an undisclosed price.
The 50/50 joint venture partners said they would work together to operate the 130,000 sq ft centre primarily as a retail scheme, while also aiming to develop its leisure offer.
Kevin Kendall, head of property at Lincolnshire Co-op, said: “Working together with other local organisations, we’re proud of the schemes we’ve developed which boost the economy of the city and county, improve the local environment and provide a range of valued services.
“We’re always looking for opportunities where we could further support the retail and leisure offer within Lincoln and this partnership with Wykeland, focusing on a key site, is a perfect fit.”
Dominic Gibbons, managing director of Wykeland Group, added: “We have been looking for opportunities such as this in high-quality locations and we’re delighted to have come together with Lincolnshire Co-op to acquire the Waterside Shopping Centre.
“We see this as a highly attractive asset in a vibrant city centre location benefiting from significant and ongoing investment, particularly the neighbouring Cornhill Quarter scheme where Lincolnshire Co-op have undertaken a fantastic regeneration scheme.
“This is great news for Waterside, as the centre is now in the hands of organisations with outstanding track records of commercial property asset management and development in Lincolnshire and the wider region.
“We share the same values, as investors with a long-term view and a deep commitment to supporting local communities. We look forward to working together to ensure Waterside makes the fullest possible contribution to Lincoln’s exciting future.”
