Evolve Estates has completed the purchase of two retail assets. In Fareham, Hampshire, it has acquired the 168,907 sq ft Market Quay Shopping Centre from Columbia Threadneedle for an undisclosed price.
The centre, which comprises 17 commercial units leased primarily to national high street brands, is anchored by Reel Cinemas, Loungers and Stonegate Pub Company, as well as retailers Wilko, Iceland and Peacocks.
Evolve Estates has also purchased Rainham Shopping Centre (pictured), in Gillingham, Kent, for an undisclosed fee. The 85,000 sq ft retail and office precinct has 25 shops and counts Greggs, Costa, Card Factory, Boots, Tesco and Wilko as tenants.
Danny O’Keefe, partner of Evolve Estates, which is part of M Core, said: “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 1m sq ft 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 neighbourhood parades to larger town centre destinations, with a value of £2m to £25m.”
Bradley Maher from Prime Retail acted as agent for Evolve Estates on both purchases. Evolve Estates’ solicitor was Andrew Cooper, from Clarke Willmott.
