Evolve Retail has completed the purchase of The Bridges Shopping Centre in Sunderland from clients of AEW for an undisclosed price.
The 595,000 sq ft shopping centre sits in the heart of the city and comprises 100 retail units, leisure and dining space and a 938 space car park.
The tenant mix includes Primark, JD, Next, H&M and Boots, with new stores for TK Maxx and Tesco agreed.
AEW reportedly paid Landsec £152m to acquire The Bridges in 2014. Landsec purchased the shopping centre in 1993 and extended it in 2000.
In a joint statement, Joe O’Keefe, founder of Evolve, and Phil Murphy, head of property and transactions at Evolve, said: “Sunderland is a major city and we are keen to work again with Sunderland City Council to maximise the potential that The Bridges offers. They are a hugely dynamic local authority to work with. This will be a major acquisition to add to our current UK portfolio of shopping centres. Leveraging off our nationwide relationships with major occupiers we believe our business plan will deliver an improved day and evening experience for Sunderland’s population.”
AEW was advised by JLL, Herbert Smith Freehills and Cripps. Evolve was advised by Montagu Evans and Clarke Willmott.
