Orion European Real Estate Fund IV has bought the Kingsgate Shopping Park in East Kilbride near Glasgow, Scotland, from Aviva Life & Pensions UK. The transaction volume was not revealed but is understood to be in excess of €100 mln.
Kingsgate provides 24,732 m2 of retail and leisure, and is currently 100% let to 12 tenants including Sainsbury’s, M&S, Homebase, Next and Nike.
'This acquisition offers asset management scope at tenant lease expiry and the opportunity to enhance the tenant mix in line with current consumer expectations for food and fashion offers. It will build on the momentum created by recent lettings to Nike, M&S and Next,' commented Aref Lahham, managing director of Orion Capital Managers.
Orion was advised by Paradigm and Aviva by Wilkinson Williams.
