Evolve Estates, the national commercial property and investment company, has acquired one of the main shopping centres in a Suffolk seaside town in the UK.
Financial details were not disclosed.
The Britten Centre in Lowestoft has 19 retail units over 52,435 ft2, with high street occupiers including Iceland, WH Smith, Superdrug and Pandora.
The deal marks Evolve's third retail acquisition of 2022 and takes its UK retail portfolio to 2,325,733 ft2 across 734 units within 79 assets.
Evolve Estates, which is part of the LCP group of managed companies, also has plans to take its retail portfolio to more than £400 mln across the UK by the end of the year.
Sebastian Macdonald-Hall, director of Evolve Estates, said: 'The Britten Centre is a great acquisition for us because it is one of the main focuses in the town centre, and East Suffolk Council has committed to regenerate the town after its successful Towns Fund bid, which could see Lowestoft benefit from more than £500 mln investment.
'With only one empty unit, it is well occupied, and we will be investigating a range of options on how to improve the retail experience for the visitors there, including enhanced community-led uses to make it the premium location for Lowestoft.'
LCP, the UK commercial property and investment company, has been appointed to manage the centre on Evolve Estates' behalf.
The solicitor acting for Evolve Estates was Andrew Cooper of Clarke Willmott, while the vendor's solicitor was Alex Shapland of Eversheds Sutherland.
Evolve's agent was James Stratton of Savills and the vendor's agent was Bradley Maher of Prime Retail.
