Evolve Estates acquires South Tyneside shopping centre

Evolve Estates, part of M Core, has acquired the Viking Centre in Jarrow, South Tyneside, for an undisclosed sum.

The scheme is comprises over 175,000 sq ft of retail space with over 60 stores, and is anchored by national brands including Boots, Peacocks, B&M, and Poundland.

It also features a 400-space car park.

Danny O’Keefe, founding partner of Evolve Estates, said the company had focused its growth plans on the retail sector over recent years. It has targeted shopping centres, parades, malls, and retail parks.

“This deal marks Evolve Estates’ expansion into the North East market and demonstrates our commitment to supporting local communities and businesses,” he said.

“We have long maintained that the retail sector is a strong market for investing, providing excellent opportunities for us to add significant value that benefit the tenants and the local community, as well as ensuring a good return on our investment.

“We’ve a significant pipeline of retail acquisitions for the rest of 2023 and expect to complete more than £300 million worth by the end of the year. Part of our strength is our healthy cash reserves, which mean we can complete a deal quickly when we need to.”

Evolve Estate’s parent group M Core has invested over £160m in 25 retail centres over the last 12 months. Major acquisitions have included M Park Alexandra in Lincolnshire, Weavers Wharf in Kidderminster, and M Park Ocean Plaza and Central 12 in Southport.

M Core said it has £300m available to invest in assets ranging in value between £500,000 and £30m and portfolios worth up to £150m. The group said it is actively seeking sites for acquisition.

Prime Retail acted on behalf of Evolve Estates, whilst Jackson Criss acted for the vendor.