Evolve Estates, a subsidiary of M Core, has acquired the Bridges Shopping Centre in Sunderland, from AEW, for an undisclosed price.
According to market sources, the deal is said to be worth around £24 mln (€28 mln), a significant discount on the £153 mln (€179 mln) AEW paid when it bought the asset from Landsec in 2015.
Opened in 1988, the Bridges Shopping Centre was extended in 2012 as part of a £15 mln (€18 mln) investment by Landsec.
The 55,277 m2 centre boasts nearly 100 units of varying sizes, making it a major retail hub in Sunderland.
Anchored by popular retailers Primark, Next and TK Maxx, The Bridges draws a large number of shoppers and comprises a significant portion of Sunderland's overall retail space. The centre also features a 938-space car park for convenient access.
This acquisition aligns with Evolve Estates' strategic plan to expand its portfolio by acquiring prominent retail properties across the UK, such as shopping parades, centres and retail parks.
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 diversifying the tenant mix.’
The buyer was legally represented by Clarke Wilmott, whilst the vendor was supported by JLL.
