London investment group Evolve Estates, part of M Core, has expanded its retail portfolio with the acquisition of an open-air retail park in County Durham.
Billingham town centre, a key shopping destination with a weekly footfall of 70,000, boasts over 29,729 m2 of retail space.
The property consists of over 90 retail units, with anchor tenants such as Asda, B&M, and Aldi, and 673 car park spaces.
St. Modwen originally purchased the property in 2014.
Billingham is a thriving town with 80,000 residents, close to Middlesbrough and Stockton-on-Tees.
Danny O’Keefe, founding partner at Evolve Estates, said: ‘Billingham town centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors.’
He further emphasised the potential for improvement, citing the current availability of 10 vacant units, adding that Evolve Estates is already in talks with both national brands and local traders.
Clarke Wilmott and Cited Property acted as solicitors and acting agents for Evolve, Four & Co acted as agent for the vendor, with Pinsent Masons as solicitor.
M Core has invested over £200 mln (€234 mln) over the past 12 months, including Livingston Centre, Scotland; Grosvenor Shopping Centre in Northampton; and Parc y Llyn in Aberystwyth.
M Core has earmarked £300 mln (€351 mln) for further investments, ranging from £500,000 (€586,025) to £30 mln (€35 mln), and portfolios up to £150 mln (€176 mln).
