Evolve Estates has acquired the Viking Centre in Jarrow from a private vendor for an undisclosed price.
The 175,000 sq ft centre comprises more than 60 stores and is anchored by brands including Boots, Peacocks, B&M and Poundland.
Danny O’Keefe, founding partner of Evolve Estates, which is part of M Core, said: “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 £300m 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 has invested more than £160m over the past 12 months in 25 retail centres and has £300m available to invest in assets ranging from £500,000 to £30m and portfolios up to £150m.
