Evolve Estates has bought the Bridges shopping centre in Sunderland from AEW for around £24m, a fraction of the £152m AEW paid when it bought the asset from Landsec in 2015.
The 595,000 sq ft Bridges is Sunderland’s largest retail space with nearly 100 shops. Primark, Next and TK Maxx are anchor tenants, occupying a significant portion of Sunderland’s retail space.
The acquisition of the centre is part of Evolve Estate-owner M Core’s strategy to purchase shopping parades, centres and retail parks to expand its UK portfolio.
Joe O’Keefe, co-founder at Evolve Estates, said: “The acquisition of the Bridges shopping centre reflects our commitment to investing in high-potential retail assets.
“We see significant potential in the Bridges and look forward to working with stakeholders to further diversify the tenant mix.”
M Core was advised by Cited Property and Montagu Evans. AEW was advised by JLL.
Photo from JLL
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