Private investment manager, Signal Capital, supported by retail property and asset management specialist, Estama UK, has completed the acquisition of the Thamesgate Shopping Centre, in the riverside town of Gravesend.
Financial details were not disclosed.
With 88,696 ft2 (8,240 m2) of retailing provision, the scheme is situated in the town’s prime pedestrianised high street pitch with key convenience-led tenants including Wilko, Superdrug, Specsavers, and Lloyds Bank.
The scheme also has a significant local business base, which Estama UK said fitted in well with its UK managed portfolio.
The acquisition forms part of Signal Capital’s UK community retail investment strategy and is the eighth deal under this programme. Other centres acquired to date are Motherwell, Dunstable, Port Talbot, Redcar, Newmarket, Caerphilly, and Taunton.
David Roberts, CEO at Edinburgh House Estates and Estama UK commented: 'Estama UK has had a strong first year building our managed portfolio to 14 shopping centres and high street assets, which we are continuing to grow.
'Identifying the right schemes to invest in involves in-depth strategic research, followed by close attention to the balance of tenants so that we can future-proof each scheme. We feel confident about the potential of Gravesend and look forward to managing it.'
The scheme’s southern entrance is close to the entrance to Gravesend rail station, connecting the town to central London in just 22 minutes, underpinning the convenience focus.
Colman McCarthy, partner, Signal Capital added: 'Signal is delighted to continue our collaboration with Estama UK through the acquisition of the Thamesgate Shopping Centre in Gravesend.
'We have continued confidence in assets that remain relevant within the UK community retail space, and we plan to continue actively acquiring assets that meet this thesis.'
