Luxembourg-based Focus Estate Fund has completed the purchase of the Kingdom Shopping Centre in Scotland, marking its second acquisition in the UK.
This move builds upon its initial investment in the Island Green retail park, Wrexham, Wales, in March of this year.
The indoor mall was acquired for an undisclosed sum from Mars Pensions Trustees which has owned it since 2013.
The Kingdom Shopping Centre in Glenrothes offers approximately 40,000 m2 of retail space, with over 100 stores, cafes, the main library, and the Rothes Halls entertainment complex.
Tenants include Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa, and Poundland.
Maxim Shkolnik, general partner of Focus Estate Fund, commented: ‘Recognizing the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the city's development. As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with local authorities, creating a vibrant hub for residents, visitors, and tenants alike. We are committed to transitioning all our shopping centres to solar-powered facilities.’
Knight Frank advised the seller, while Joshua Vernon from Cushman & Wakefield supported Focus Estate Fund throughout the acquisition process.
With this latest addition, the total portfolio of Focus Estate Fund now encompasses 9 assets with over 155,891 m2 of gross leasable area.
