Ashtrom Properties acquires Gateshead’s Retail World
London-based private real estate company Ashtrom Properties UK (APUK) has acquired Retail World at Team Valley shopping park in Gateshead from Ares Management for £105m.
The scheme extends to 391,000 sq ft and is home to a mix of more than 30 brands. Tenants include Asda, B&M, Currys, Decathlon, M&S, McDonald’s, Sports Direct, Superdrug, TK Maxx, and Wren Kitchens.
AP UK is a privately-owned company that specialises in the acquisition and development of prime real estate, including notable commercial and office schemes such as Exchange Flags in Liverpool, No. 8 First Street in Manchester, Central Square in Leeds, and Colmore Gate in Birmingham.
Legal support was provided by Freeths.
Guy Lewinsohn, CEO of AP UK, said: “We are delighted to have completed the acquisition of Retail World at Team Valley. This investment aligns with our strategy to expand our UK footprint and invest in high-performing regional assets. We appreciate the dedication and expertise of the Freeths team together with all the advisers involved in bringing this transaction to a successful close.”
Sarah Jelly, director and head of legal at AP UK, added: “Navigating the intricacies of this corporate acquisition was a collective effort of which the AP UK team are very proud. The team at Freeths provided seamless legal support and the technical expertise necessary to bring this complex deal to a conclusion.”