Evolve Estates has kicked off 2023 with the acquisition of a retail and leisure development and a town centre precinct.
Joining its retail portfolio is Market Quay Shopping Centre, in Fareham, Hampshire, which it acquired for an undisclosed sum from Columbia Threadneedle Investments.
The 168,907sq ft development comprises 17 commercial units, leased primarily to national high street brands, and is anchored by Reel Cinemas, Loungers and Stonegate Pub Company, as well as retailers Wilko, Iceland and Peacocks.
Evolve has also added Rainham Shopping Centre, in Gillingham, Kent. This 85,000sq ft retail and office precinct has 25 shops, including Greggs, Costa, Card Factory and Boots, and it is anchored by Tesco and Wilko.
This property was also acquired for an undisclosed sum and takes the company’s retail acquisitions in the past 12 months to £85.2m.
Danny O’Keefe, partner of Evolve Estates, said the acquisitions mark a positive start to 2023.
“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 one million square feet 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 for both purchases, while Evolve Estates solicitor was Andrew Cooper, from Clarke Willmott.