Focus Estate Fund has completed the purchase of its second shopping centre in the UK – the Kingdom Centre. This strategic investment underscores the fund’s commitment to broadening its global portfolio, following its initial venture in Wrexham, with the purchase of retail park Island Green.
The Kingdom Centre in Glenrothes boasts a total gross internal floor area (GIA) of 428,000sq ft of retail space with a strong tenant mix, including Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa and Poundland.
The vendor was advised by Knight Frank. The acquisition was supported by Joshua Vernon, Cushman & Wakefield, on behalf of Focus Estate Fund.
Maxim Shkolnik, general partner of Focus Estate Fund, said: “We are thrilled to welcome the Kingdom Shopping Centre into the Focus Estate Fund family. Recognising the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the city’s development. As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with local authorities, creating a vibrant hub for residents, visitor and tenants alike. Our mission is to continuously improve and innovate, establishing it as the premier destination for shopping, leisure, and community engagement. In line with our commitment to sustainability, the integration of the Kingdom Shopping Centre into our portfolio marks the beginning of a transformative journey. We are committed to transitioning all our shopping centres to solar-powered facilities, demonstrating our unwavering dedication to promoting a greener and more sustainable future.”
Gordon Mole, head of business and employability, Fife Council, said: “Fife Council welcomes confirmation of the purchase of the Kingdom Shopping Centre by Focus Estate Fund, and will work closely with the Fund and its agents to ensure that the centre aligns with investments made in the town centre and at Riverside Park, creating a destination for residents and visitors, and supporting the drive for continued regeneration and addressing Fife’s climate emergency.”
With this latest addition, the total portfolio of Focus Estate Fund now encompasses nine assets. The gross leasable area (GLA) has expanded to over 1,678,000sq ft.
